Business, 06.05.2020 21:32, elliswilliams1063

A reconciliation of pretax financial statement income to taxable income is shown below for Fieval Industries for the year ended December 31, 2021, its first year of operations. The income tax rate is 25%.

Pretax accounting income (income statement) $ 300,000

Interest revenue on municipal securities (15,000 )

Warranty expense in excess of deductible amount 25,000

Depreciation in excess of financial statement amount (70,000 )

Taxable income (tax return) $ 240,000

Required:

a. What amount(s) should Fieval report related to deferred income taxes in its 2021 balance sheet?

Answers: 2

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A reconciliation of pretax financial statement income to taxable income is shown below for Fieval In...