Question: Caleb Corporation has three financial statement elements for which the December 31, 2010 book value is different than the December 31, 2010 tax basis Book

Caleb Corporation has three financial statement elements for which the December 31, 2010 book value is different than the December 31, 2010 tax basis Book value Tax basis Difference Equipment $200,000 $120,000 $80,000 Prepaid officers insurance policy 75,000 0 75,000 Warranty liability 50,000 0 50,000 As a result of these differences, future taxable amounts are

a. $ 50,000

b. $ 80,000

c. $155,000

d. $205,000

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