Mitchie, Inc. s a manufacturing company in Rhode Island, The company had pre-tax accounting income of $1,500,000 and a tax rate of 40% in 2022, its first year of operations. During 2022, the company had the following transactions Received rent from Torres, Co. for 2023 $84,000 Municipal bond income $108,000 Depreciation for tax purposes in excess of book depreciation $48,000 Installment sales profit to be taxed in 2023 $150,000 At the end of 2022, which of the following deferred tax accounts and balances exist at December 31, 2022?
Mitchie, Inc. s a manufacturing company in Rhode Island, The company had pre-tax accounting income of $1,500,000 and a tax rate of 40% in 2022, its first year of operations. During 2022, the company had the following transactions Received rent from Torres, Co. for 2023 $84,000 Municipal bond income $108,000 Depreciation for tax purposes in excess of book depreciation $48,000 Installment sales profit to be taxed in 2023 $150,000 At the end of 2022, which of the following deferred tax accounts and balances exist at December 31, 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mitchie, Inc. s a manufacturing company in Rhode Island, The company had pre-tax accounting income of $1,500,000 and a tax rate of 40% in 2022, its first year of operations. During 2022, the company had the following transactions
| Received rent from Torres, Co. for 2023 | $84,000 |
| Municipal bond income | $108,000 |
| $48,000 | |
| Installment sales profit to be taxed in 2023 | $150,000 |
At the end of 2022, which of the following
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