The rule of 70 can be stated as follows: A variable with a growth rate of X percent per year:____________.a. doubles every 70/X
1 answer:
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Answer:
$360,000, $ 900,000, $360,000
Explanation:
Particulars Amount
Income tax payable($1, 800,000 * 30%) $ 540,000
Less: Change in deferred tax asset ($3,000,000 *30%) $ 9,000,000
Add: Change in deferred tax liability ($ 2,400,000 * 30%) $ 720, 000
Income tax expense $ 360,000
Deferred tax asset ($ 3,000,000 *30%) = $ 900,000
Deferred tax asset = $ 900,000 non current
Deferred Tax liability to be recognized($ 1, 200,000 * 30%) $360,000
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