In its 2021 income statement, Crane Corp. reported depreciation of $3600000 and interest revenue on municipal obligations of $689000. Crane reported depreciation of $5370000 on its 2021 income tax return. The difference in depreciation is the only temporary difference, and it will reverse equally over the next 3 years. Crane's enacted income tax rates are 25% for 2021, 20% for 2022, and 15% for 2023 and 2024. What amount should be included in the deferred income tax liability in Crane's December 31, 2021 balance sheet? $614750 $295000 $436650 $368850
In its 2021 income statement, Crane Corp. reported depreciation of $3600000 and interest revenue on municipal obligations of $689000. Crane reported depreciation of $5370000 on its 2021 income tax return. The difference in depreciation is the only temporary difference, and it will reverse equally over the next 3 years. Crane's enacted income tax rates are 25% for 2021, 20% for 2022, and 15% for 2023 and 2024. What amount should be included in the deferred income tax liability in Crane's December 31, 2021 balance sheet? $614750 $295000 $436650 $368850
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 4MC: Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the...
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In its 2021 income statement, Crane Corp. reported
$614750
$295000
$436650
$368850
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