Answer:
c. Recognition of assets and liabilities
Explanation:
Determining periodic deferred tax is a consequence of difference of tax as per book profit and profit as per income tax norms.
Thus recognition of deferred tax asset or liability is matching of assets and liabilities, as when we recognize deferred tax asset as in the condition that the tax payable as per income tax is less and as per books is more than deferred tax asset arises.
In this case we recognize the asset, then against that asset recognized is income tax payable, further income tax payable is set off against this asset and income tax expense.
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Answer:
c. credit to Additional Paid-in Capital
Explanation:
The journal entry to record the difference is shown below:
Cash A/c Dr $75 million
To Treasury stock A/c $70 million (1 million shares × $70 per share)
To Additional paid in capital - in excess of par $5 million
(Being the issuance of treasury stocks is reported and the amount remaining is credited to the additional paid-in capital account)
Answer:
The costs incurred by the company is the same as the costs of good sold of the company-MNM&Co ,last year.
The costs of good sold=$830,556.01
Explanation:
The detailed computation is found in the excel file attached.
