Reference no: EM131809375
Question - At the beginning of 2012, Dolly, Inc. has a deferred tax asset of $5,000 and deferred tax liability of $9,000. In 2012, pretax financial income was $725,000 and the tax rate was 40%.
Pretax income included:
Interest income from municipal bonds $30,000
Accrued warranty costs, estimated to be used in 2013 $96,000
Prepaid rent expense, will be used in 2013 $18,000
Installment sales revenue, to be collected in 2013 $34,000
Operating loss carryforward $52,000
Compute the Deferred tax liability ending balance Dec. 31, 2012.
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