Business, 07.04.2020 20:35 hayesgenniferozslxr
Cullumber Company reported the following results for the year ended December 31, 2018, its first year of operations:
2018
Income (per books before income taxes) $2,049,000
Taxable income 3,250,000
The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2019. What should Cullumber record as a net deferred tax asset or liability for the year ended December 31, 2018, assuming that the enacted tax rates in effect are 40% in 2018 and 35% in 2019?
A. $480400 deferred tax liability
B. $420350 deferred tax asset
C. $480400 deferred tax asset
D. $420350 deferred tax liability
Answers: 1
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Cullumber Company reported the following results for the year ended December 31, 2018, its first yea...
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