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What would be the amount of deferred taxes for the item

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Reference no: EM132647512

Oxnard Corporation reported the following carrying values and tax bases for its equipment at year end:

                                                       2010         2009
Carrying value (per balance sheet)     $625,000    $750,000
Tax base (per tax return)                  604,000         736,000

Problem 1: For the year ended 2010, Oxnard's pretax accounting income was $125,000 and its tax rate was 30%. The amount of deferred taxes for this item at the end of 2010 would be closest to

A) This is a DTA in the amount of $4,200

B) This is a DTA in the amount of $6,300

C) This is a DTL in the amount of $4,200

D) This is a DTL in the amount of $6,300

Problem 2: Which of the following is correct for 2010?

Taxes payable = $35,400; Tax expense = $37,500

Taxes payable = $37,500; Tax expense = $35,400

Taxes payable = $35,400; Tax expense = $35,400

Taxes payable = $37,500; Tax expense = $37,500

Reference no: EM132647512

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