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EGR Corporation has one asset worth $650,000. Depreciation accumulated to date is $230,000

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EGR Corporation has one asset worth $650,000. Depreciation accumulated to date is $230,000

EGR Corporation has one asset worth $650,000. Depreciation accumulated to date is $230,000
and accumulated CCA is $200,000. The Corporation also recorded warranty expense of $35,000.
To date no customers have required warranty service. Assuming the tax rate is 40% what is the
income tax implication?
A) A Deferred income tax asset of $65,000
B) A Deferred income tax liability of $65,000
C) A Deferred income tax asset of $26,000
D) A Deferred income tax liability of $26,000

Textbook

Intermediate Accounting, Volume 2

Edition: 5^th

Authors: Beechy, Conrod, Farrell

Read 24 times

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