oss on Sale- 900,000 •        Payment of fire insurance premium for calendar year 2021- 400,000 •        Payment of rent for 1 year- 1,200,000 •        Payment of property tax assessed for calendar year 2021- 500,000

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A: The question is based on the concept of Financial Accounting.

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A: Managerial accounting is the branch of accounting which deals with the forecasting, predictions or m...

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A: Solution: Insurance premium is for whole year, therefore it should be recognized equally in each qua...

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A: Step 2 in solution.

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A:

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.