Compute the amount pina should report as a deferred tax, Accounting Basics

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Compute the amount pina should report as a deferred tax

Problem

Pina Corporation has a cumulative temporary difference related to depreciation of $570,000 at December 31, 2017. This difference will reverse as follows: 2018, $39,000; 2019, $261,000; and 2020, $270,000. Enacted tax rates are 31% for 2018 and 2019, and 36% for 2020.

Compute the amount Pina should report as a deferred tax liability at December 31, 2017.

Deferred tax liability at December 31, 2017

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Accounting Basics: Compute the amount pina should report as a deferred tax

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Accounting Basics: Compute the amount pina should report as a deferred tax

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