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docker41 [41]
3 years ago
13

Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2017, related to a temporary

difference of $20 million. The tax rate was 40%. The temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. There are no other temporary differences in 2017–2019. Assume a new tax law is enacted in 2018 that causes the tax rate to change from 40% to 30% beginning in 2019. (The rate remains 40% for 2018 taxes.) Taxable income in 2018 is $30 million. Required: 1. & 2. Determine the type of accounting change and prepare the appropriate journal entry to record Bronson's income tax expense in 2018 and adjustment, if any, is needed to revise retained earnings as a result of the change.

Business
1 answer:
swat323 years ago
8 0

Answer:

Please see attachment

Explanation:

Please see attachment

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If a firm increases its use of capital while holding constant the number of workers employed, the firm is said to experience:
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Answer:

It is capital deepening (D)

Explanation:

Capital deepening typically represents an increase in the capital-labor ratio. This arises when there is infusion of additional capital(e.g technological improvement) into the production processes while work force is either kept constant or cut-down and thereby makes labor to be more productive.

Hence, as the capital-labor ratio increases, the marginal product of labor, i.e. the amount of product that can be produced by supplying one more unit of labor, increases  because there are now more units of capital per worker.

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Lower taxes on corn farming
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Both you and your older brother would like to have $28,500 in 14 years. Because of your success in this class, you feel that you
Nina [5.8K]

How much less than your brother will you have to deposit today is $1,820.78.

First step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.105)^14

Present value= $28,500 ÷ 1.105^14

Present value= $28,500 ÷ 4.04642869977

Present value=$7,043.25

Second step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.087)^14

Present value= $28,500 ÷ 1.087^14

Present value= $28,500 ÷3.21524163645

Present value=$8,864.03

Third step

Deposit today=-$8,864.03-$7,043.25

Deposit today= $1,820.78

Inconclusion how much less than your brother will you have to deposit today is $1,820.78.

Learn more about present value here:brainly.com/question/15904086

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2 years ago
Which piece of educational information is normally not asked about on a job application?
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A building was bought for $185,000, with 10% down and a loan for the balance. if the lender charged the buyer two discount point
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The borrower needs to bring the 10% down payment and another $3,3330 for points for a total of $21,830.
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