Solution-What the amount reported as net deferred income

What the amount reported as net deferred income taxes

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Question - In 2020, Gisel Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of 1,500,000. The facilities were sold in March 2021 and a 1,500,000 loss was recognized for tax purposes. Also in 2020, Gisel paid 100,000 in fines for violation of environmental regulations. Assuming that the enacted tax rate is 30% in both 2020 and 2021, and that Gisel paid 780,000 in income taxes in 2020, what the amount reported as net deferred income taxes on Gisel's statement of financial position at December 31, 2020?

a. 420,000 asset

b. 360,000 asset

c. 360,000 liability

d. 450,000 asset

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What the amount reported as net deferred income taxes

Reference no: EM132973971

Reference no: EM132973971

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