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In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021                                                                     $144,000 Life insurance premium on officer                                                    $30,000 Depreciation for ta purposes in excess of book depreciation          $90,000 Prepaid insurance for 2021                                                               $75,000   Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability B

In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021                                                                     $144,000 Life insurance premium on officer                                                    $30,000 Depreciation for ta purposes in excess of book depreciation          $90,000 Prepaid insurance for 2021                                                               $75,000   Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability B

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions:

Received rent for 2021                                                                     $144,000

Life insurance premium on officer                                                    $30,000

Depreciation for ta purposes in excess of book depreciation          $90,000

Prepaid insurance for 2021                                                               $75,000

 

Compute the amount below. Round to the nearest dollar

The December 31, 2020, Deferred Tax Asset Balance is:

The December 31, 2020 Deferred Tax Liability Balance is :

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