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Problem - Mill Company began operations on January 1, 2017, and recognized income from construction-type contracts under different methods for tax purposes and financial reporting purposes. Information concerning income recognition under each method is as follows:
Year
Tax Purposes
Book Purposes
2017
$400,000
$0
2018
625,000
375,000
2019
750,000
850,000
Required - Assume the income tax rate is 35% in all years and that Mill has no other temporary differences. In its December 31, 2019, balance sheet, what amount of deferred income taxes should Mill report? Indicate whether the amount is an asset or a liability.
Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.
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