Business, 06.05.2020 03:00, oofoofoof1

In 2018, Krause Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in March 2019 and a $3,600,000 loss was recognized for tax purposes. Also in 2018, Krause paid $150,000 in premiums for a two-year life insurance policy in which the company was the beneficiary (Note: payment of premiums on a life insurance policy is a permanent difference. It is not recognized for tax purposes). Assuming that the enacted tax rate is 30% in both 2018 and 2019, and that Krause paid $1,170,000 in income taxes in 2018, the amount reported as net deferred income taxes on Krause's balance sheet at December 31, 2018, should be a

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In 2018, Krause Company accrued, for financial statement reporting, estimated losses on disposal of...