Yount Inc s auditors prepared the following reconciliation between book and taxable income Younts tax rate is 21 percent Net income before tax $ 378,200 Permanent book tax differences (33,500 ) Temporary book tax differences 112,400 Taxable income $ 457,100 Required Compute Younts tax expense for financial statement purposes Compute Younts tax payable Compute the net increase in Younts deferred tax assets or deferred tax liabilities (identify which) for the year Required A Required B Required C Compute Yount's tax expense for financial statement purposes Tax expense Required A Required B Required A Required B Required c Compute Yount's tax payable Tax payable Required A Required c Required A Required B Required Compute the net increase in Yount's deferred tax assets or deferred tax liabilities (identify which) for the year (If there is deferment, select N A) (Required B Medic Deferred tax asset Deferred tax liability N A

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Posted on Sep 30, 2024

Yount Inc.s auditors prepared the following reconciliation between book and taxable income. Younts tax rate is 21 percent. Net income before tax $ 378,200 Permanent

Yount Inc.s auditors prepared the following reconciliation between book and taxable income. Younts tax rate is 21 percent.


Net income before tax	$	378,200
Permanent book/tax differences		(33,500	)
Temporary book/tax differences		112,400
Taxable income	$	457,100

Required:

Compute Younts tax expense for financial statement purposes.
Compute Younts tax payable.
Compute the net increase in Younts deferred tax assets or deferred tax liabilities (identify which) for the year.

Required A Required B Required C Compute Yount's tax expense for financial statement purposes. Tax expense Required A Required B Required A Required B Required c Compute Yount's tax payable. Tax payable Required A Required c> Required A Required B Required Compute the net increase in Yount's deferred tax assets or deferred tax liabilities (identify which) for the year. (If there is deferment, select "N/A) (Required B Medic Deferred tax asset Deferred tax liability N/A