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Question - Seymour Inc. (SI) purchased land and buildings on January 1, 20X5. The cost allocated to the building was $350,000. SI is depreciating the building on a straight-line basis over its estimated useful life of 20 years using an estimated residual value of $0. SI claimed a deduction for CCA of $14,000 on its 20X5 tax return; $13,400 on its 20X6 tax return; and $12,900 on its 20X7 tax return. SI's combined tax rate is 30%. What amount should SI record on its statement of financial position as at December 31, 20X7, pertaining to the temporary difference on the building?
a. $4,600 deferred tax asset
b. $12,200 deferred tax asset
c. $3,660 deferred tax asset
d. $1,380 deferred tax asset
clean dirt inc. had 8000 of salaries payable at december 31 2010. during 2011 clean dirts salary expense was 60000. at
Estimate the 2011 and 2012 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
All required questions were answered and given valid points. The required two replies to two other classmates' posts are detailed and is valuable
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