Business, 17.09.2021 20:40 trishinada63

In 2021, Krause Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in March 2022 and a $3,600,000 loss was recognized for tax purposes. Also in 2021, Krause paid $150,000 in premiums for a two-year life insurance policy in which the company was the beneficiary. Assuming that the enacted tax rate is 20% in both 2021 and 2022, and that Krause paid $1,170,000 in income taxes to IRS in 2021, the amount reported as net deferred income taxes on Krause's balance sheet at December 31, 2021, should be a

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In 2021, Krause Company accrued, for financial statement reporting, estimated losses on disposal of...