(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria. Deferred Tax Revenues (January 1)  .......................... $    800,000 Deferred Tax Revenues (December 31)  ....................... 1,300,000 Tax Revenues (20X6)  ......................................              8,000,000   Compute the governmental activities tax revenues to be reported in Bell County’s government-wide Statement of Activities for 20X6.

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.