At December 31, 2013, Control enterprises had the following deferred income taxitems:Deferred income tax liability of $24 million related to current assetsDeferred income tax asset of $18 million related to a current liabilityDeferred income tax liability of $40 million related to noncurrent assetDeferred income tax asset of $12 million related to a noncurrent liabilityControl Enterprises should report in the current section of its December31, 2013, balance sheet a:a. Noncurrent asset of $30,000 and a noncurrent liability of $64,000b. Current asset of $6,000c. Noncurrent asset of $28,000 and a noncurrent liability of 15,000d. Noncurrent liability of $10,000In its first four years of operations Cordelli Resorts reported the followingoperating income (loss) amounts:2010$300,0002011200,0002012(850,000)2013900,000There were no other deferred income taxes in any year, Cordelli elected tocarry back its operating loss. The enacted income tax rate was 40%. In its2013 income statement, what amount should Cordelli report as incometax expense?a. $160,000b. $220,000c. $340,000d. $360,000

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2013 income statement, what amount should Cordelli report as income tax expense?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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