Quinn co reported a net deferred tax asset of 9000 in its


Quinn Co. reported a net deferred tax asset of $9,000 in its December 31, year 1 balance sheet. For year 2, Quinn reported pretax financial statement income of $300,000. Temporary differences of $100,000 resulted in taxable income of $200,000 for year 2. At December 31, year 2, Quinn had cumulative taxable differences of $70,000. Quinn's effective income tax rate is 30%. In its December 31, year 2, income statement, what should Quinn report as deferred income tax expense?

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Financial Accounting: Quinn co reported a net deferred tax asset of 9000 in its
Reference No:- TGS02598584

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