Reference no: EM132761703
Cord Company began operations on January 1, 2010. The company reported $12,000 of depreciation expense on its income statement in 2010 and $18,000 in 2011. On its tax returns, the company deducted $28,000 for depreciation in 2010 and $22,000 in 2011. The 2011 tax return shows a tax obligation (liability) of $38,000 based on a 40% tax rate. Assume depreciation is the only difference between its book income and tax income.
Problem 1: Which of the following statements is true regarding to deferred tax assets and deferred tax liability account of Cord Company as of December 31, 2010?
A) The company has a deferred tax liability balance of $6,400;
B) The company has a deferred tax assets balance of $6,400;
C) The company has a deferred tax liability balance of $8,000;
D) The company has a deferred tax assets balance of $8,000;
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