In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021 $144,000 Life insurance premium on officer $30,000 Depreciation for ta purposes in excess of book depreciation $90,000 Prepaid insurance for 2021 $75,000 Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability B

In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021 $144,000 Life insurance premium on officer $30,000 Depreciation for ta purposes in excess of book depreciation $90,000 Prepaid insurance for 2021 $75,000 Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability B

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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