Bird Company reported $350,000 in book income before income tax during 2021, its first year of operation. The tax depreciation exceeded its book depreciation by $30,000. The tax rate for 2021 and future years is 21%. What amount of deferred tax liability should Bird report in its December 31, 2021 balance sheet? If Bird paid no estimated taxes, what amount of income tax payable should Bird report in its December 31, 2021 balance sheet?
Bird Company reported $350,000 in book income before income tax during 2021, its first year of operation. The tax depreciation exceeded its book depreciation by $30,000. The tax rate for 2021 and future years is 21%. What amount of deferred tax liability should Bird report in its December 31, 2021 balance sheet? If Bird paid no estimated taxes, what amount of income tax payable should Bird report in its December 31, 2021 balance sheet?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...
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Bird Company reported $350,000 in book income before income tax during 2021, its first year of operation. The tax
What amount of
If Bird paid no estimated taxes, what amount of income tax payable should Bird report in its December 31, 2021 balance sheet?
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