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What Trinity report as its deferred income tax liability

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Question - In its first year of operations, Trinity Corporation has the following reconciliation of pretax accounting income to taxable income:

Pretax accounting income $300,000

Permanent difference (15,000)

285,000

Temporary difference-depreciation (20,000)

Taxable income $265,000

Trinity's tax rate is 40%. Assume that no estimated taxes have been paid.

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

Reference no: EM132896763

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