Question
Real Food Chef bought a long-term investment on January 1, 20X1. Information on the investment is as follows. Cost 325,000 Fair value at December 31,
Real Food Chef bought a long-term investment on January 1, 20X1. Information on the investment is as follows.
| Cost | 325,000 |
| Fair value at December 31, 20X1 | 354,000 |
| Fair value at December 31, 20X2 | 367,000 |
| Fair value at December 31, 20X3 | 341,000 |
| Tax rate | 21% |
What is the balance of deferred taxes payable-long-term investment at December 31, 20X3?
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
