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What should tringali report as deferred income tax liability

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Reference no: EM133038895

Question - For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income $300,000

Permanent difference (15,000) 285,000

Temporary difference-depreciation (20,000)

Taxable income $265,000

Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.

What should Tringali report as its deferred income tax liability as of the end of its first year of operations?

a. $35,000.

b. $20,000.

c. $8,750

d. $5,000.

Reference no: EM133038895

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