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lapo4ka [179]
3 years ago
5

Indigo Corporation began operations in 2017 and reported pretax financial income of $228,000 for the year. Indigo’s tax deprecia

tion exceeded its book depreciation by $38,000. Indigo’s tax rate for 2017 and years thereafter is 30%. In its December 31, 2017, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $
Business
1 answer:
emmainna [20.7K]3 years ago
7 0

Answer:

Deferred Tax Liability = $11,400   Credit  

Explanation:

given data

pretax financial income = $228,000

Indigo’s tax depreciation = $38,000

tax rate = 30 %

solution

we know here that Income Tax Expense is

Income Tax Expense = $228,000 × 30%  

Income Tax Expense =  $68400    Dr

so as that

Deferred Tax Liability will be here

Deferred Tax Liability =  $38000 × 30%

Deferred Tax Liability =  $38000 × 0.30

Deferred Tax Liability = $11,400   Credit  

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