.) Krondor Co. reported book income of $10,359,000 for the year ended first year of operations. Their tax account reported that their taxable income for the year was $9,323,000. If the change in amounts was caused by a temporary difference that will reverse in 2023, and if Krondor Co. tax rate is 30% in 2022 and 35% in 2023, what should the company report as either a deferred tax asset or liability for 2022? (1 2' O $310,800 deferred tax asset O $362,600 deferred tax liability O $362,600 deferred tax asset $310,800 deferred tax liability
.) Krondor Co. reported book income of $10,359,000 for the year ended first year of operations. Their tax account reported that their taxable income for the year was $9,323,000. If the change in amounts was caused by a temporary difference that will reverse in 2023, and if Krondor Co. tax rate is 30% in 2022 and 35% in 2023, what should the company report as either a deferred tax asset or liability for 2022? (1 2' O $310,800 deferred tax asset O $362,600 deferred tax liability O $362,600 deferred tax asset $310,800 deferred tax liability
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 20CE
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