Give me answer within 45 min please its very urgent I will give you positive rating Immediately ..thankyou.. Castle Ltd. acquired 100% of Bello Ltd. At thetime of acquisition, Bello had assets with a taxvalue of $700,000, carrying value of $800,000,and fair value of $950,000. Both Castle andBello are subject to a tax rate of 40%. What isthe effect of recognizing the deferred tax inaccounting for the acquisition?Question 7 options:Increase in liabilities and decrease ingoodwillDecrease in liabilities and goodwillDecrease in liabilities and increase ingoodwillIncrease in liabilities and goodwill

Deferred tax is the tax amount which either increase or decreases the tax liability of the company…

Answered: Bello are subject to a tax rate of 40%.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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7:27 f t < Session[1].docx - Word ✓ Qo 138 - 21 Paragraph O References Mailings Review View Help BLUEBEAM One day you're going to miss my boring texts ## TO Accessibility: Investigate Search Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year hoher webb ng Normal ||| No Spacing Styles Acrobat 2021 $ 980,000 3,020,000 1,000,000 648,000 Go to website O Heading 1 √ Calculate the amount will be reported for accounts receivable on the statement of financial position at December 31, 2022. 3. Accounts Receivable on the Statement of Financial Position at December 31, 2022 for Newton Corp.: Accounts Receivable is calculated as the cumulative billings to date minus the cumulative cash collected: Accounts Receivable at December 31, 2022 = Cumulative Billings- Cumulative Cash Collected Accounts Receivable at December 31, 2022 = ($1,000,000+ $1,000,000) - ($648,000+ $1,280,000) = $2,000,000 - $1,928,000 = $72,000 Therefore, the amount reported…
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Bello are subject to a tax rate of 40%. What is the effect of recognizing the deferred tax in accounting for the acquisition?