Li Corporation reported pretax book income of $695,000. Tax depreciation exceeded book depreciation by $419,000. beginning book (tax) basis in its fixed assets was $1,995,000 ($1,776,000) and its ending book (tax) basis is $1,895,000 ($1,314,000) addition, the company received $395,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $64,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit

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19-06-2024
Business

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Li Corporation reported pretax book income of $695,000. Tax depreciation exceeded book depreciation by $419,000. beginning book (tax) basis in its fixed assets was $1,995,000 ($1,776,000) and its ending book (tax) basis is $1,895,000 ($1,314,000) addition, the company received $395,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $64,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit

Sagot :

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