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ABC Co. reported a deferred tax liability of $8 Million for the year ended December 31, 2010, related to a temporary difference of $20 Million. The tax rate is 40%. The temporary difference is expected to reverse in 2012 at which time the deferred tax liability will become payable. There are no other temporary differences in 2010-2012. Assume a new tax law is enacted in 2011 that causes the tax rate to change from 40% to 30% beginning in 2016. (The rate remains 40% for 2015 taxes.) Taxable income in 2011 is $30 million.Determine the effect of the change and prepare the appropriate journal entry to record ABC Co.'s Income tax expense for 2011.
vwork in process inventory august 1 20000 unitsdirect materials 100 complete80000conversion 20 complete24000balance in
a portfolio manager is managing a 10 million portfolio. currently the portfolio is invested in the following manner
on october 1 of the current year a corporation sold at par plus accrued interest 1000000 of its 12 bonds which were
Olga, a cash basis taxpayer, sold a corporate bond with accrued interest of $300 for $10,000. Olga's cost of the bond was $10,000. What is her gross income for tax purposes?
On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Prepare the closing entries for the temporary accounts at December 31.
Prepare a chart of the flow of costs form the processing department accounts into the finische gooss accounts and then into the cost of goods sold account. The relevant accounts are as follows:
many companies use accelerated depreciation for tax purposes because answer it is easier to calculate than
tom zuluaga company placed an asset in service on january 2 2012. its cost was 1350000 with an estimated service life
which of the following costs would be classified as variable and which would be classified as fixed if units produced
Use the high-low method to estimate Ginburg's monthly fixed supervision cost and the cost per labor hour (i.e. assume Ginsburg uses machine hours as its measure of activity).
james inc. incurred the following infrequent losses during 2012 140000 write-down of equipment leased to others. 80000
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