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Business, 18.02.2020 23:59 thisusernameistaken2

Scott Corp. received cash of $20,000 that was included in revenues in its Year 1 financial statements, of which $12,000 will not be taxable until Year 2. Scott’s enacted tax rate is 30% for Year 1, and 25% for Year 2. What amount should Scott report in its Year 1 balance sheet for deferred income tax liability?

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Scott Corp. received cash of $20,000 that was included in revenues in its Year 1 financial statement...

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