Reference no: EM132618052
In its balance sheets at June 30, the following balances were reported by Franklin Ltd (amounts in thousands):
2018 2019
Allowance for doubtful debts $400 $300
Provision for warranty $200 $400
Allowance for impairment - goodwill ---- $200
Accumulated depreciation - plant $2,000 $2,500
Goodwill impairment expense is not a tax deduction. For income tax purposes, the accumulated depreciation at June 30, 2019 was $3,000,000 (June 30, 2018 $2,600,000). For the year ended June 30, 2019 the company earned an accounting profit before tax of $4,000,000. The income tax rate is 30%.
Problem 1: At June 30, 2019 the deferred tax asset and deferred tax liability are:
Select one:
Option a. $210,000 and $150,000
Option b. $180,000 and $180,000
Option c. $180,000 and $210,000
Option d. $180,000 and $270,000
Option e. None of the answers.
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