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Use the information below to answer the following two items Fisher Co. had the following taxable income (loss) and tax rate information. 2018 2019 155,000
Use the information below to answer the following two items Fisher Co. had the following taxable income (loss) and tax rate information. 2018 2019 155,000 3596 (210,000) 40% 300,000 4096 2020 First Question: What entry will it record at the end of 2019? Select one: O a Debit deferred tax asset 584,000 credit income tax payable $84.000. O b. Debit deferred tax asset $210.000, credit income tax expense $210,000. O c Debit deferred tax asset 584.000, credit income tax expense 584,000 O d. Debit deferred tax asset $210,000 credit income tax payable $210,000. Second Question: The entry recorded at the end of 2020 will credit Income Tax Payable for? Select one O a $36,000 O b. $300,000 O c. $90,000 O d. $120,000 At the end of 2019. Florida Co. had a deferred tax asset of $10,000 and a deferred tax liability of $7.000. Which of the following amounts should be reported on Florida Co.'s balance sheet on December 312019 related to its income taxes? Select one: O a. A current asset of $3,000. O b. A current asset of $10,000 and a current liability of $7.000. O c A non-current asset of $10,000 and a non-current liability of $7,000. O d. A non-current asset of $3,000
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