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What amount should erode report related to deferred income

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Reference no: EM133119093

Question - A reconciliation of pretax financial statement income to taxable income is shown here for Erode Industries for the year ended December 31, 2018, its first year of operations. The income tax rate is 40%.

Pretax accounting income (income statement) $300,000

Interest revenue on municipal securities (15,000)

Warranty expense in excess of deductible amount 25,000

Depreciation in excess of financial statement amount (70,000)

Taxable income (tax return) $240,000

Required - What amount(s) should Erode report related to deferred income taxes in its 2018 balance sheet?

Reference no: EM133119093

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