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Required information [ The following information applies to the questions displayed below. ] Arndt, Incorporated reported the following for 2 0 2 4 and 2
Required information The following information applies to the questions displayed below. Arndt, Incorporated reported the following for and $ in millions: Tax rate: a Expenses each year include $ million from a twoyear casualty insurance policy purchased in for $ million. The cost is tax deductible in b Expenses include $ million insurance premiums each year for life insurance on key executives. c Arndt sells oneyear subscriptions to a weekly journal. Subscription sales collected and taxable in and were $ million and $ million, respectively. Subscriptions included in and financial reporting revenues were $ million $ million collected in but not recognized as revenue until and $ million, respectively. Hint. View this as two temporary differencesone reversing in ; one originating in d expenses included a $ million unrealized loss from reducing investments classified as trading securities to fair value. The investments were sold and the loss realized in e During accounting income included an estimated loss of $ million from having accrued a loss contingency. The loss was paid in at which time it is tax deductible. f At January Arndt had a deferred tax asset of $ million and no deferred tax liability. Compute the deferred tax amounts that should be reported on the balance sheet. Note: Enter your answers in millions rounded to decimal place ie should be entered as Answer is complete but not entirely correct.
Required information
The following information applies to the questions displayed below.
Arndt, Incorporated reported the following for and $ in millions:
Tax rate:
a Expenses each year include $ million from a twoyear casualty insurance policy purchased in for $
million. The cost is tax deductible in
b Expenses include $ million insurance premiums each year for life insurance on key executives.
c Arndt sells oneyear subscriptions to a weekly journal. Subscription sales collected and taxable in and
were $ million and $ million, respectively. Subscriptions included in and financial reporting
revenues were $ million $ million collected in but not recognized as revenue until and $ million,
respectively. Hint. View this as two temporary differencesone reversing in ; one originating in
d expenses included a $ million unrealized loss from reducing investments classified as trading securities to
fair value. The investments were sold and the loss realized in
e During accounting income included an estimated loss of $ million from having accrued a loss contingency.
The loss was paid in at which time it is tax deductible.
f At January Arndt had a deferred tax asset of $ million and no deferred tax liability.
Compute the deferred tax amounts that should be reported on the balance sheet.
Note: Enter your answers in millions rounded to decimal place ie should be entered as
Answer is complete but not entirely correct.
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