The following information was taken from the accounting records of Lancer Inc, for the year ending...
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The following information was taken from the accounting records of Lancer Inc, for the year ending 2020. Pretax accounting income $1,500,000 Interest Revenue on Municipal bonds 100,000 Litigation expense 2,000,000 Excess Depreciation for tax purposes. 1,300,000 Deferred revenue 200,000 The tax rate for 2020 is 40% The total Deferred Tax Asset for 2020 should be: A) $4,000 B) $800,000 C) $520,000 D) $80,000 The following information was taken from the accounting records of Lancer Inc, for the year ending 2020. Pretax accounting income $1,500,000 Interest Revenue on Municipal bonds 100,000 Litigation expense 2,000,000 Excess Depreciation for tax purposes. 1,300,000 Deferred revenue 200,000 The tax rate for 2020 is 40% The total Deferred Tax Asset for 2020 should be: A) $4,000 B) $800,000 C) $520,000 D) $80,000
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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