Business, 13.05.2020 05:57 ciel8809

In 2018 Charmed, Inc. recorded book income of $ 340 comma 000. The company's only temporary difference relates to a $ 66 comma 000 installment sale that it recorded for book purposes; there are no permanent differences. Charmed anticipates receiving payments equally over the following three years. The current enacted tax rate in 2018 is 38%. The substantively enacted tax rates for the following three years are 33%, 38%, and 46%, respectively. Under U. S. GAAP, what deferred tax amount should Charmed record for this temporary difference?

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In 2018 Charmed, Inc. recorded book income of $ 340 comma 000. The company's only temporary differen...