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Question - X Inc. owns 80% of Y Inc. You were given the following information for inter company transactions in 2020:
X sold inventory to Y. The profit before tax on this sale was $10,000. 60% of the inventory remained in the warehouses of Y at the end of the years.
Y sold inventory to X. The profit before tax on this sale was $15,000. 25% of the inventory remained in the warehouse of X at the end of the year.
Y sold land to X at before tax profit of $50,000.
Assuming the land was not sold to outsiders at the end of the year, what would be the amount of Deferred taxes to be recorded on the Consolidated Balance sheet attributable to this transaction, assuming a tax rate of 30%.
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