Taylor Company began manufacturing operations on January 2, 2015. During 2015 Taylor earned a pre-tax book income
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Taylor Company began manufacturing operations on January 2, 2015. During 2015 Taylor earned a pre-tax book income of $150,000 and had a taxable income of $200,000. Taylor had a temporary difference relating to accrued product warranty costs that are expected to be paid as follows:
2016 | $ 30,000 |
2017 | $ 15,000 |
2018 | $ 5,000 |
The enacted tax rates are 30% for 2015 and 2016; and 40% for 2017 and 2018. The deferred tax asset at the end of 2015 is?
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