Business, 25.04.2020 01:04, kimhayleeshook50
Oriole Co. at the end of 2017, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows Pretax financial income Estimated litigation expense Extra depreciation for taxes Taxable income $2505000 3505000 (5514000) $496000 The estimated litigation expense of $3505000 will be deductible in 2018 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $1838000 in each of the next 3 years. The income tax rate is 40% for all years.
The deferred tax asset to be recognized is :
a. $198400
b. $735200.
c. $1002000
d. $1402000
Answers: 3
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Oriole Co. at the end of 2017, its first year of operations, prepared a reconciliation between preta...
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