Question

West Corporation leased a building and received the $36,000 annual rental payment on June 15, 2014. The beginning of the lease period was July 1, 2014. Rental income is taxable when received. West’s tax rates are 30% for 2014 and 40% thereafter. West had no other permanent or temporary differences. It determined that no valuation allowance was needed.

Required:
What amount of deferred tax asset should West report in its December 31, 2014, balance sheet?



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  • CreatedSeptember 10, 2014
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