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Question 1 - The balance sheet for Brexit Corp. provided the following summarized pretax data:
Deferred tax liability
Year 2018 - $548,000
Year 2019 - $376,000
Tax expense as reported on the 2019 Income Statement was $300,000.
Calculate the amount of income taxes payable for 2019?
Question 2 - A corporation is "calling" $1,000,000 (face value) of bonds, which still have a $50,000 credit balance in the discount/premium account. Call feature price is 102% of par.
A. Was there a gain or a loss on the retirement of these bonds? and how much was it?
B. What call feature price would result in the exact (sizewise) but opposite (gain/loss) outcome to what you gave as answer to question A above?
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