Reference no: EM132869060
Question - ZBA Ltd. has just completed its second year of operations on December 31, 20X2. Here is some information about this company:
Cumulative deductible temporary differences, Dec. 31, 20X1 = 30,000
In 20X2, new taxable temporary differences occurred = 90,000
Income tax rates prior to 20X2 = 25%
Income tax rates in 20X2 (expected to remain the same in the future) = 30%
The company has always recognized the benefit of having deductible temporary differences (in other words there is no valuation allowance).
Required -
1. Compute the balance in the deferred income tax asset account on December 31, 20X1.
2. Compute the deferred income tax expense for the year ending December 31, 20X2.
3. Compute the deferred income tax liability at the end the year on December 31, 20X2.
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