For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:
Pretax accounting income $300,000
Permanent difference
(15,000)
285,000
Temporary difference-depreciation (20,000)
Taxable income
$265,000
Tringali's tax rate is 40%.
What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
a. $35,000.
b. $20,000.
c. $14,000.
d. $8,000.
Answers: 1
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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income...
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