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marta [7]
3 years ago
12

At December 31, year 3 , Bren Co. had the following deferred income tax items: • A deferred income tax liability of $15,000 rela

ted to a noncurrent asset. • A deferred income tax asset of $3,000 related to a noncurrent liability. • A deferred income tax asset of $8,000 related to a current liability. Which of the following should Bren report in the noncurrent section of its December 31, year 3 balance sheet?​(A) A noncurrent asset of $3,000 and a noncurrent liability of $15,000.(B) A noncurrent liability of $4,000.(C) A noncurrent liability of $12,000.(D) A noncurrent asset of $11,000 and a noncurrent liability of $15,000.
Business
1 answer:
ahrayia [7]3 years ago
8 0

Answer:

(B) A noncurrent liability of $4,000

Explanation:

The non-current liability in respect of deferred tax shall be recognised in the accounts of Bren Co. as at December 31 as follows:

Deferred income tax liability related to non-current assets= $15,000

Deferred income tax asset related to non-current liability = ($3,000)

Deferred income tax asset related to current liability         = ($8,000)

Deferred income tax liability to be recorded at year end   = $4,000

So based on the above discussion the answer is (B) A noncurrent liability of $4,000

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