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What amount should sandhill report for deferred income tax

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Reference no: EM132408458

QUESTION

"Sandhill Corporation reported $196000 in revenues in its Year 18 financial statements, of which $62000 will not be included in the tax return until Year 19. The enacted tax rate is 40% for Year 18 and 35% for Year 19. What amount should Sandhill report for deferred income tax liability in its balance sheet at December 31, Year 18?

Reference no: EM132408458

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