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Viefleur [7K]
3 years ago
14

Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2017. This diff

erence will reverse as follows: 2018, $42,000; 2019, $244,000; and 2020, $294,000. Enacted tax rates are 34% for 2018 and 2019, and 40% for 2020. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2017.
Business
1 answer:
Goryan [66]3 years ago
5 0

Answer:

The amount Clydesdale should report as a deferred tax liability at December 31, 2017 is  $214,840

Explanation:

The computation of the deferred tax liability is shown below:

= 2018 difference × Enacted tax rates + 2019 difference × Enacted tax rates + 2020 difference × Enacted tax rates

= $42,000 × 34% + $244,000 × 34% + $294,000 × 40%

= $14,280 + $82,960 + $117,600

= $214,840

We considered the difference of each year and its enacted tax rates. Th depreciation is not relevant. Hence, we ignored it

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