As of December 31, 2016, Lange Company has the following deferred tax assets and liabilities: Deferred tax

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As of December 31, 2016, Lange Company has the following deferred tax assets and liabilities:
Deferred tax assets
Pension plans....................................................................$300,000
Inventory ...........................................................................200,000
Total deferred tax assets .................................................$500,000
Deferred tax liabilities
Property, plant and equipment ........................................$100,000
Unrealized gains on investments .......................................350,000
Total deferred tax liabilities ............................................$450,000
Required:
1. Assume that all of Lange's deferred tax assets and liabilities are in the same tax jurisdiction. How would deferred taxes be shown on Lange's balance sheet?
2. Assume that the deferred tax effects of Lange's pension plans and unrealized gains on investments occurred in a different tax jurisdiction from Lange's other deferred tax effects. How would deferred taxes be shown on Lange's balance sheet?
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Related Book For  answer-question

Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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