The following information is available for Carla Vista Corporation for 2025. 1. 2. 3. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amounts of $30,000 over the years 2026-2029. Interest received on municipal bonds was $10,800. Rent collected in advance on January 1, 2025, totaled $65,400 for a 3-year period. Of this amount, $43,600 was reported as unearned at December 31, 2025, for book purposes. 4. The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $164,000 are due per the tax return for 2025. 6. No deferred taxes existed at the beginning of 2025. (a) Compute taxable income for 2025. Taxable income for 2025 $

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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.