Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation”s tax return for the current year? A. $1,200,000 b. $1,425,000 c. $1,500,000 d. $1,800,000 62. Cross Company reported the following results for the year ended December 31, 2010, its first year of operations: 2007 Income (per books before income taxes) $ 750,000 Taxable income 1,200,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2011. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2010, assuming that the enacted tax rates in effect are 40% in 2010 and 35% in 2011? A. $180,000 deferred tax liability b. $157,500 deferred tax asset c. $180,000 deferred tax asset d. $157,500 deferred tax liability 63. In 2010, Krause Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $1,500,000.
https://firstgrader.net/wp-content/uploads/2020/04/logo-300x75.png 0 0 Paul https://firstgrader.net/wp-content/uploads/2020/04/logo-300x75.png Paul2022-07-25 13:02:442022-07-25 13:02:44Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation"s tax return for the current year?