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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hw.58.

Transcribed Image Text:As of December 31, 2024, Lange Company has the following deferred tax assets and liabilities:
Deferred tax assets
Pension plans
Inventory
Total deferred tax assets
Deferred tax liabilities
Property, plant and equipment
Gain on equity investments (unrealized)
Total deferred tax liabilities
$ 300,000
280,000
$ 500,000
$ 100,000
350,000
$ 450,000
Required:
1. Assume that all of Lange's deferred tax assets and liabilities are in the same tax jurisdiction. How would deferred taxes be shown
on Lange's balance sheet?
2. Assume that the deferred tax effects of Lange's pension plans and unrealized gains on Investments occurred in a different tax
Jurisdiction from Lange's other deferred tax effects. How would deferred taxes be shown on Lange's balance sheet?

Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Assume that all of Lange's deferred tax assets and liabilities are in the same tax jurisdiction. How would deferred taxes be
shown on Lange's balance sheet?
Show Transcribed Text
Required 1
Required 2
Assume that the deferred tax effects of Lange's pension plans and unrealized gains on investments occurred in a different tax
jurisdiction from Lange's other deferred tax effects. How would deferred taxes be shown on Lange's balance sheet?
Expert Solution
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