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(New to site,Hi!)What amount should be included in the deferred income tax liability?
I know it's a long question, sorry
Karr, Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. Installment income of $900,000 will be collected in the following years when the enacted tax rates are: Collection of Income Enacted Tax Rates 2007 $ 90,000 35% 2008 180,000 30% 2009 270,000 30% 2010 360,000 25% The installment income is Karr's only temporary difference. What amount should be included in the deferred income tax liability in Karr's December 31, 2007 balance sheet? a. $225,000 b. $256,500 c. $283,500 d. $315,000 |
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