Business, 04.03.2021 20:30, shikiaanthony

Sunland, Inc. had pre-tax accounting income of $2100000 and a tax rate of 40% in 2018, its first year of operations. During 2018 the company had the following transactions:

Received rent from Jane, Co. for 2019 $90000
Municipal bond income $114000
Depreciation for tax purposes in excess of book depreciation $54000
Installment sales profit to be taxed in 2019 $156000
At the end of 2018, which of the following deferred tax accounts and balances exist at December 31, 2018?
a. Deferred tax asset $57600
b. Deferred tax asset $36000
c. Deferred tax liability $57600
d. Deferred tax liability $36000

Answers: 1

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Sunland, Inc. had pre-tax accounting income of $2100000 and a tax rate of 40% in 2018, its first ye...