Answer:
Using the straight-line method, depreciation expense for the second year would be: $29,600
Explanation:
Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life
Wickland Company
Cost of machine $154,000
Residual value of $6,000
Useful Life = 5 years
Formula
Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life
Working:
Depreciation Straight Line Method= $154,000 -$6,000/5
Depreciation Straight Line Method= 148,000 /5
Depreciation Straight Line Method=$ 29,600
Using the straight-line method, depreciation expense for the second year would be: $29,600
The straight line depreciation method assigns equal depreciation to the machinery. So the depreciation for the five years would be the same amounting to $ 29,600 every year.
The correct statement regarding the income tax is Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future. hence option C is correct
<h3>
What is income tax?</h3>
A tax placed on people or organizations in relation to their income or profits is known as an income tax. Tax rates multiplied by taxable income are typically used to calculate income taxes. Tax rates might change depending on the taxpayer's attributes and source of income.
The complete part of the question is below:
A) Review Later Income tax expense includes both the amount of tax payable in the current period and the amount of tax due in future periods.
B)Income taxes are based on taxable income and not accounting income.
C)Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future.
D)Deferred taxes arise because of temporary differences between the tax base and the carrying amount of assets and liabilities on the balance sheet.
Hence option C is correct.
Learn more about income tax:
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Answer:
<em>New Buy</em>
Explanation:
A new buy <em>is a situation that requires an item to be purchased for the very first time. </em>
It is crucial for the business seller to provide a compelling argument in this type of purchasing situation to use their product line and a lot of information to help the business owner make an informed choice.
A new buy scenario can take much longer to happen as participants in the research evaluation and purchase center will have to make the final decision.
A good way to improve your credit score is B) pay your bills on time
<span>economics. This is the correct answer because economics deals with how money and interest rates are tied to political, social, and corporate decisions. In this situation interest rates (money) of cars are houses are influenced by the fed (the government) which explains why this is an economics question.</span>
