Reference no: EM132691999
This is the first year of operations for Zane Inc., a publicly accountable firm. As at December 31, 20X3, it reported accounting income before taxes of $480,000. The accountant completed a reconciliation and determined that taxable income should be $590,000. All of the $110,000 difference relates to a timing difference. The temporary difference will reverse by $45,000 in 20X4, by $30,000 in 20X5, and by $35,000 in 20X6. The tax rates in effect for each year are: 20X3 = 30%, 20X4 = 35%, 20X5 = 30%, 20X6 = 33%. All rates have been enacted as of December 31, 20X3.
Problem 1: What amount should Zane record for deferred taxes as at December 31, 20X3?
a) $33,000 for a deferred tax asset
b) $33,000 for a deferred tax liability
c) $36,300 for a deferred tax asset
d) $36,300 for a deferred tax liability
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