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EGR Corporation has one asset worth $450,000. Depreciation accumulated to date is $190,000

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EGR Corporation has one asset worth $450,000. Depreciation accumulated to date is $190,000

EGR Corporation has one asset worth $450,000. Depreciation accumulated to date is $190,000
and accumulated CCA is $220,000. The Corporation also recorded warranty expense of $30,000.
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 $30,000
B) No temporary differences
C) A Deferred income tax asset of $12,000
D) A Deferred income tax liability of $12,000

Textbook

Intermediate Accounting, Volume 2

Edition: 5^th

Authors: Beechy, Conrod, Farrell

Read 37 times

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More solutions for this book are available here

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