Bramble corporation began operations in 2025 and reported pretax financial income of $226,000 for the year. Bramble's tax depreciation exceeded its book depreciation by $39,000. Bramble's tax rate for 2025 and years thereafter is 30%. In its December 31, 2025, balance sheet, what amount of deferred tax liability should be reported?

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A:

Q: Sheridan Corporation began operations in 2020 and reported pretax financial income of $212,000 for…

A: Taxable income  = Pretax financial income - Excess of depreciation as per tax over booksIncome tax…

Q: At December 31, 2025, Sheffield Corporation had a deferred tax liability of $362,100, resulting from…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

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A: One sort of accounting recognition for taxes that are due in the future but have not yet been…

Q: Larkspur Corporation began operations in 2020 and reported pretax financial income of $206,000 for…

A: Depreciation expense is a kind of operating expense that is reported at the end of the periodic…

Q: The following information is available for Marigold Corporation for 2020. 1.   Depreciation…

A: Working Note: 1

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A: Lets understand the basics.Income tax is a tax levied on an individual’s income (taxable income). It…

Q: Headland Corporation began operations in 2020 and reported pretax financial income of $226,000 for…

A: Deferred tax liability arises when Book profit is higher than the taxable profit. In the given…

Q: For the year ended December 31, 2023, Crane Ltd. reported income before income taxes of $82,000. In…

A: First of all we have to understand that certain deductions in income tax are not allowed although we…

Q: The following information is available for Remmers Corporation for 2020. 1.    Depreciation reported…

A: a.Compute taxable income for 2020.

Q: Sheridan, Inc. had pre-tax accounting income of $3200000 and a tax rate of 20% in 2021, its first…

A: To determine the deferred tax accounts and balances at the end of 2021, we need to identify…

Q: Cullumber Corporation began operations in 2025 and reported pretax financial income of $226,000 for…

A: Deferred tax which is described as the tax difference between the current tax and any differential…

Q: 1. Prepare the journal entry to recognize Baginski's 2025 tax expense or tax benefit. 2. Show the…

A: When a business has a net operating loss (NOL) for a given tax year, it means that its taxable…

Q: Sunland Corporation began operations in 2020 and reported pretax financial income of $212,000 for…

A: Solution: Introduction: Deferred tax is an item on the balance sheet of the entity, for excess…

Q: Sandhill Corp. follows IFRS and began operations in 2023 and reported accounting income of $273,000…

A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Q: The following information is available for Marigold Corporation for 2020. 1.   Depreciation…

A: Taxable Income=Income taxTax rate=29700040% =$742,500

Q: Baltimore inc reported pretax gaap income of $45,000 in 2020. The company determined it had deducted…

A: The first step is to compute the taxable income of the business. For computing the taxable income,…

Q: The following information is available for Marigold Corporation for 2020. 1.   Depreciation…

A: Taxable income = Income Tax / Tax Rate Pretax financial income = Taxable Income + Excess…

Q: Sheridan corporation reports pretax financial income of $73,500 for 2025. The following items cause…

A: Taxable income can be arrived at by subtracting the admissible expenses and by adding understated…

Q: Required: - Prepare the journal entry to recognize Baginski’s 2025 tax expense or tax benefit. -…

A: If a company experiences a financial loss during a specific fiscal period, it has the opportunity to…

Q: Nirvana Corporation reports pretax financial income of $260,000 for 2022. The following items cause…

A: This problem requires us to prepare journal entries to record income tax expense, income taxes…

Q: The following information is available for Splish Corporation for 2020. 1.   Depreciation reported…

A: Taxable income: Imposition of tax on income called taxable income. Taxes to be paid to Governments.

Q: Sheridan Corporation began operations in 2020 and reported pretax financial income of $234,000 for…

A: Deferred tax: Company derives its book profits from the financial statements prepared in accordance…

Q: During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: The deferred tax asset is created when the taxes to be paid as per income tax are lower than the…

Q: At December 31, 2025, Pronghorn Corporation had a deferred tax liability of $353,600, resulting from…

A: Deferred tax liability is created on taxable temporary differences to be reversed in future years.…

Q: During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: If a company incurs any loss in a periodic year then as per the tax rate it is carried forward to…

Q: Indigo Corporation began operations in 2020 and reported pretax financial income of $234,000 for the…

A: Deferred tax liability arises when the book depreciation is more than tax depreciation in the…

Q: During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: If a company incurs any loss in a periodic year then as per the tax rate it is carried forward to…

Q: Sunland Company reports pretax financial income of $72,600 for 2025. The following items cause…

A: Taxable income can be arrived at by subtracting the admissible expenses and by adding understated…

Q: Foster Company reported pretax financial income of $350,000 for 2021. Foster uses an accelerated…

A: Journal entries are the first step in the accounting process and involve recording business…

Q: Ayayai Corporation began operations in 2020 and reported pretax financial income of $230,000 for the…

A: Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes…

Q: Sandhill Corporation began operations in 2020 and reported pretax financial income of $226,000 for…

A: Answer :- Journal entry to record the income tax expense, deferred income taxes, and income taxes…

Q: The following information is available for Oriole Corporation for 2025. 1 Depreciation reported on…

A: Answer:- A journal entry is basically documents a business transaction in an entity's accounting…

Q: Skysong Corporation began operations in 2025 and reported pretax financial income of $212,000 for…

A: Deferred tax Deferred tax which are described as the tax difference between the current tax and any…