Chua Corporation has a taxable temporary difference related to depreciation of $715,000 at December 31, 2011. This

Question:

Chua has a taxable temporary difference related to depreciation of $715,000 at December 31, 2011. This difference will reverse as follows: 2012, $53,000; 2013, $310,000; and 2014, $352,000. Enacted tax rates are 37% for 2012 and 2013, and 43% for 2014. Calculate the amount that Chua should report as a future tax asset or liability at December 31, 2011. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...