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ACCT725 Intermediate Financial Accounting Assignment

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ACCT725 Intermediate Financial Accounting Assignment - Louisiana State University Shreveport, USA

Problem - In 2017, Bobby financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000.

The facilities were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then.

Also, in 2018, Bobby Financial paid $150,000 for a two-year life insurance policy for their CEO Jerry, and the company was the beneficiary.

Assuming that the enacted tax rate is 35% in both 2017 and 2018, and that Bobby paid $1,170,000 in income taxes in 2007 and has deferred asset income taxes of $1,260,000.

The tax cut and job act in 2018 effectively changed the corporate tax rate to 21%.

For Bobby's quarterly financial statement on March 2018, how would this change in tax rate impact Bobby's net deferred income taxes?

Reference no: EM132461659

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