Reference no: EM132913072
For calendar year 2020, Tris Corp. reported depreciation of 1,200,000 in its income statement. On its 2020 income tax return, Tris reported depreciation of 1,800,000. Tris's income statement also included 225,000 accrued warranty expense that will be deducted for tax purposes when paid. Tris's enacted tax rates are 30% for 2020 and 2021, and 24% for 2022 and 2023. The depreciation difference and warranty expense will reverse over the next three years as follows:
Depreciation Difference Warranty Expense
2021 240,000 45,000
2022 210,000 75,000
2023 150,000 105,000
600,000 225,000
Problem 1: These were Tris's only temporary differences. In Tris's 2020 income statement, the deferred tax expense should be
a. 200,700 b. 112,500 c. 101,700 d. 109,800
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