Reference no: EM132488643
Flynn Company reported the following results for the year ended December 31, 2004, its first year of operations:
2004
Income (per books before income taxes) $350,000
Taxable income 560,000
Question 1: The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2005. What should Flynn record as a net deferred tax asset or liability for the year ended December 31, 2004, assuming that the enacted tax rates in effect are 40% in 2004 and 35% in 2005?
Option a. $84,000 deferred tax liability
Option b. 73,500 deferred tax asset
Option c. $84,000 deferred tax asset
Option d. $73,500 deferred tax liability
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