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Questions -
(1) On December? 31, 2020, Owl Co. changed its inventory valuation method from weighted average to FIFO for GAAP. This change results in a? $450,000 decrease in the beginning inventory at January? 1, 2020. The tax rate is? 45%. Based on the entry required for this change, what amount is the cumulative loss reducing beginning retained earnings on the statement of stockholders' equity for the year ending 2020?
$450,000
There is no loss, it is a gain
$247,500
$202,500
(2) Owl Co. reported pre-tax income of $300,000 and taxable income of $100,000 in 2020 based on an original temporary difference. The tax rate is 25% in 2020, but under a recent enacted tax law, rates will be 30% in 2021 and 35% in 2022. Assuming the 2020 difference reverses in 2022, what is Fox's 2020 income tax expense?
$95,000
$105,000
$75,000
$50,000
burgess company makes the following errors during 2014.1. ending inventory is understated but purchases are recorded
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