ADVANCED ACCOUNTING
14th Edition
ISBN: 9781260361681
Author: Hoyle
Publisher: MCG
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Sandhill Corporation reported $196,000 in revenues
in its Year 18 financial statements, of which $62,000
will not be included in the tax return until Year 19.
The enacted tax rate is 40% for Year 18 and 35% for
Year 19.
What amount should Sandhill report for deferred
income tax liability in its balance sheet on December
31, Year 18?
a. $21,700
b. $24,800
c. $68,600
d. $78,400
Please provide the accurate answer to this general accounting problem using appropriate methods.
I am looking for the correct answer to this general accounting question with appropriate explanations.
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