Question

Amber Corporation reported the following summarized pretax data at the end of each year:
Taxable income from the income tax return was as follows: 2013, $ 32,000; 2014, $ 56,000; and 2015, $ 85,000.
Required:
1. For each year, compute (a) the income taxes payable and (b) the deferred income tax. Is the deferred income tax a liability or an asset? Explain.
2. Show the tax- related amounts that should be reported each year on the statement of earnings and the statement of financial position.


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  • CreatedAugust 04, 2015
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