Question: 1. Wayne Co. had a decrease in deferred tax liability of $34 million, a decrease in deferred tax assets of $24 million, and an increase

1. Wayne Co. had a decrease in deferred tax liability of $34 million, a decrease in deferred tax assets of $24 million, and an increase in tax payable of $114 million. The company is subject to a tax rate of 25%. The total income tax expense for the year was:

104 mil

128 mil

124 mil

158 mil

2. N Corp. entered into a nine-year finance lease on a warehouse on December 31, 2021. Lease payments of $28,000, which includes maintenance services of $1,200, are due annually, beginning on December 31, 2022, and every December 31 thereafter. N Corp. does not know the interest rate implicit in the lease; N's incremental borrowing rate is 10%. The rounded present value of an ordinary annuity for nine years at 10% is 5.7590. What amount should N report as recorded lease liability at December 31, 2021?

154,341

161,252

168,000

241,200

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