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Homework answers / question archive / Calculate the deferred tax liability given the following items incurred in 2020 by Company B
Calculate the deferred tax liability given the following items incurred in 2020 by Company B. Dividend income is not recognized for tax purposes. Bonuses are tax deductible only in the year in which they are paid.
|
Accounting Income |
$86,000 |
|
Depreciation Expense |
$6,500 |
|
Tax Depreciation |
$4,000 |
|
Dividend Income |
$4,700 |
|
2019 Bonus Paid in 2020 |
$2,630 |
|
Accrued Bonuses in 2020 |
$3,500 |
|
Tax Rate |
28% |
