The following information is taken from ABC Company's 2019 financial records: P 1,500,000 Pretax accounting income Accrued warranty expense in excess of actual warranty expenditures Excess tax depreciation 24,500 (45,000) P 1,479,500 Taxable income
The following information is taken from ABC Company's 2019 financial records: P 1,500,000 Pretax accounting income Accrued warranty expense in excess of actual warranty expenditures Excess tax depreciation 24,500 (45,000) P 1,479,500 Taxable income
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Question
- How much
deferred tax liability must ABC report as of December 31,2020? - How much deferred tax liability must ABC report as of December 31,2019?
- How much
deferred tax asset must ABC report as of December 31,2019?
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