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PLEASE SOLVE ALL 5 PARTS ASAP FOR A POSITIVE RATING! THANK YOU! Leonard Ltd. recorded revenue in 20X6 in the amount of $300,000. The amount
PLEASE SOLVE ALL 5 PARTS ASAP FOR A POSITIVE RATING! THANK YOU!
Leonard Ltd. recorded revenue in 20X6 in the amount of $300,000. The amount will be collected from the customer in the amount of $120,000 in 20X7 and $180,000 in 20X8. The revenue will be taxable when the cash is received. Leonard's income tax rate is 23%. Required: For each 31 December 20X6 through 20X8, determine: (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) 1. The tax basis for the account receivable. 20x6 20X7 20X8 Tax basis 2. The accounting basis for the account receivable. 20X6 20X7 20X8 Accounting basis 3. The cumulative amount of the temporary difference relating to the account receivable. 20X6 20X7 20X8 Temporary difference 4. The balance of deferred income tax asset or liability that would be reported on the statement of financial position. (Round your answer to 2 decimal places.) 20X6 20X7 20x8 Deferred income tax balance 5. The amount of the deferred income tax adjustment. (Round your answer to 2 decimal places.) 20X6 20X7 20X8 Deferred income tax AdjustmentStep by Step Solution
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