Question

Quinn Company reported a net deferred tax asset of $9,000 in its December 31, 2014, balance sheet. For 2015 Quinn reported pre-tax financial statement income of $300,000. Temporary differences of $100,000 resulted in taxable income of $200,000 for 2015. At December 31, 2015, Quinn had cumulative taxable differences of $70,000. The income tax rate is 30%.

Required:
In its December 31, 2015, income statement, what should Quinn report as the deferred portion of income tax expense?



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  • CreatedSeptember 10, 2014
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