Subject - account Please help me. Thankyou. Times-Roman Publishing Company reports the following amounts in its first three years of operation:2022($ in thousands)Pretax accounting incomeTaxable income$ 1701902023$ 170180The difference between pretax accounting income and taxable income is due to subscription revenue for one-year magazinesubscriptions being reported for tax purposes in the year received, but reported in the income statement in later years when theperformance obligation is satisfied. The income tax rate is 25% each year. Times-Roman anticipates profitable operations in the future.1.2021Required:1. What is the balance sheet account that gives rise to a temporary difference in this situation?2. For each year, indicate the cumulative amount of the temporary difference at year-end. (Enter your answers in thousands.)3. Determine the balance in the related deferred tax account at the end of each year. Is it a deferred tax asset or a deferred taxllability? (Enter your answers in thousands rounded to 1 decimal place.)2.3.$ 200220Temporary differenceWhat is the balance sheet account that gives rise to a temporarydifference in this situation?December 31202120222023

Deferred Subscription revenue is recorded on a company's balance sheet as a liability. It is treated…

Required: 1. What is the balance sheet account that gives rise to a temporary difference in this situation? 2. For each year, indicate the cumulative amount of the temporary difference at year-end. (Enter your answers in thousands.) 3. Determine the balance in the related deferred tax account at the end of each year. Is it a deferred tax asset or a deferred tax liability? (Enter your answers in thousands rounded to 1 decimal place.)

Required: 1. What is the balance sheet account that gives rise to a temporary difference in this situation? 2. For each year, indicate the cumulative amount of the temporary difference at year-end. (Enter your answers in thousands.) 3. Determine the balance in the related deferred tax account at the end of each year. Is it a deferred tax asset or a deferred tax liability? (Enter your answers in thousands rounded to 1 decimal place.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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