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q6 Question 6 3.4 points Save Answer Hogg Gym's only depreciable asset had a financial reporting carrying value that exceeded its tax basis by 5158,000
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Question 6 3.4 points Save Answer Hogg Gym's only depreciable asset had a financial reporting carrying value that exceeded its tax basis by 5158,000 at December 31, 2021. This was a result of differences between straight line depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The asset was acquired earlier in the year. Hoge has no other temporary differences. The enacted tax rate is 26% for 2021 and 30% thereafter. Hogg should report the deferred tax effect of this difference in its December 31, 2021. balance sheet as: A liability of $47.400 An asset of $47,400. A liability of $47.600. An asset of $47.600Step by Step Solution
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