The deferred tax asset to be recognized is $128000 current. $640000 noncurrent. $0. $128000 noncurrent.

Q: Concord Corp. owes $251,000 to Marigold Trust. The debt is a 10-year, 12% note due December 31,…

A: Answer to Question (a):                          Journal Entries in the books of Concord Corp.…

Q: On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The…

A: Step 1: 1. Compute the amount at which the cost of the building should be recorded as follows:

Q: exclude this note from current liabilities

A: Second option is wrong because even though the company demonstrates the ability to refinance before…

Q: Pretax financial income $930000 Estimated litigation expense 2550000 Installment sales (2040000)…

A: Deferred tax liability means taxable amount is less then income as per financial income. And tax…

Q: On July 1, 2020, ATLAS grants a 5-year P5,000,000 non-interest bearing advance to its president The…

A: Present value is the sum of the current value of money of future cash flows. It is also known as a…

Q: On December 31, 2023, Cullumber Company rendered services to Riverbed Corp. at an agreed price of…

A: We only have to use the tables provided, so, it is easier to calculate what is asked. The…

Q: DD Co. established a P90 million liability at the end of 2020 for the estimated litigation…

A: Answer:-  Deferred tax liability: - When a tax obligation is accrued in one fiscal year but is due…

Q: On November 1, 2022, Nelson Corp. purchased land and a building for a combined cost of $2,000,000.…

A: Acqusition of Assets A corporation is acquired through an asset acquisition if its assets rather…

Q: On January 1, 2019, Peter Corporation purchased a debt instrument at its face value of P3,000,000.…

A: Reclassification of Debt Instrument As a result debt securities may be reclassified from the…

Q: Sandhill Corporation had a projected benefit obligation of $3,210,000 and plan assets of $3,371,000…

A: INTRODUCTION: A component's or asset's initial cost is often written down over a specific period of…

Q: On January 1, 2020, Smith Company signed a five-year Note for the acquisition of equipment. Annual…

A: As the payments are made at the end of the year i.e. December 31,2020, we will use present value of…

Q: Sunland Corporation had a projected benefit obligation of $3,323,000 and plan assets of $3,561,000…

A: Amortization -Amortization is the process of distributing or allocating a long-term liability's or…

Q: Sheridan Corporation had a projected benefit obligation of $2,903,000 and plan assets of $3,084,000…

A: The minimum amortization of the actuarial loss refers to the minimum required period over which a…

Q: On June 30, 2024, the Stone Company purchased equipment from Paper Corporation. Stone agreed to pay…

A: The sales value is recorded at the price mutually agreed between a buyer and a seller. If a sale is…

Q: On December 31, 2017, Entity Z acquired Lumangyao Corporation's P1,000,000 notes P927,880. The…

A: In order to recognize the impairment loss on December 31,2019 we need to determine the book value of…

Q: accounting and taxal be in ogual amounts

A:

Q: Wittco Company reports pretax GAAP income in 2020, its first year of operations, of $180,000.…

A: The deferred tax is a future tax liability or asset, This tax is two types of deferred tax liability…

Q: In 2020, Sandstorm Corporation incurs $25,000 in research and experimental expenses. Benefits from…

A: 174 - Research and experimental expenditures (a)Treatment as expenses A taxpayer may treat…

Q: $122093

A:

Q: The following information is taken from Brilliant Company’s 2020 financial records: Pretax…

A: Solution: Deferred tax asset = Excess accrued warranty * tax rate of 2021  = 24500*32%  = 7,840

Q: Coronado Corporation had a projected benefit obligation of $2,890,000 and plan assets of $3,097,000…

A: Corridor rule says that losses or gains which  exceed 10 % of Higher of Pension benefit obligation…

Q: Tamarisk Corporation had a projected benefit obligation of $3,210,000 and plan assets of $3,371,000…

A: INTRODUCTION: Amortization is the process of transferring an asset from the balance sheet to the…

Q: iken fro Igado Company s 20 Tinancial records! Pretax accounting income- P1,500,000 Accrued warranty…

A: tax rate 2020 - 30%  2021- 32% 2022 - 34% 2023 - 35%

Q: For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at…

A: Calculation of amount of income tax paid during the year... Income tax payable for 2019::P90,000..…

Q: Shin Corporation had a projected benefit obligation of $4,300,000 and plan assets of $4,100,000 at…

A: The company pays pensions to its employees. It's a liability for the company so the company should…

Q: On February 5, 2020, Diamond Company purchased a new machine on a deferred payment basis. A down…

A: Solution: Capitalized cost of machine = Cash equivalent price of machine + Installation cost

Q: Carla Vista Corporation had a projected benefit obligation of $3,280,000 and plan assets of…

A: A pension is a retirement plan that provides a fixed or regular income to an individual after they…

Q: ord Corporation amended its pension plan on January 1, 2020, and granted $162,540of prior servic…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: ABC Company has a P15,000,000, two-year note payable to  DEF  that matures October 31, 2021. ABC's…

A: Solution Concept The current portion of the long term debt is classified as the current liabilities…

Q: On January 1, 2020, FB Company had the following data in connection with its defined benefit plan:…

A: Interest = Beginning  Defined benefit obligation x Discount rate = P7,500,000 x 10% = P750,000

Q: For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to…

A: Post-retirement benefit expense is the cost of pension recognized for the period. When determining…

Q: Ivanhoe Corporation had a projected benefit obligation of $3,233,000 and plan assets of $ 3,394,000…

A: INTRODUCTION:A component's or asset's initial cost is often written down over a specific period of…

Q: In 2024, KP Building Incorporated began work on a four-year construction project (called Cincy One).…

A: Cost allocation is used in analyzing or identifying the process to assign the cost to people, and…

Q: On January 1, 2019, Lala Company received an P800,000, 8%, 2 year note from Move Corporation as…

A: Annual installment = Total amount to be collected / no. of installment = 600000/3 = P200,000

Q: For 2020, Sarasota inc. computed its annual postretirement expense as $ 237,200. Sarasota's…

A: Post-retirement benefit expense is the cost of pension recognized for the period. When determining…

Q: At the beginning of 2021 VHF Industries acquired a machine with a fair value of 7,985,420 by issuing…

A: Note payable is the liability which increases due to the purchases made on credit.

Q: For 2020, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's…

A: Journal entry: A journal entry is a systematic record of a financial transaction recorded in…

Q: 020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the…

A: Remittance is defined as any money transferred from one party to another in the form of a bill,…

Q: how much is the net remeasurement gain/loss at the end of the year?

A: Net re-measurement is the measurement which has been calculated by the company when all the losses…

Q: Buffalo Corporation had a projected benefit obligation of $3,280,000 and plan assets of $3,446,000…

A: Solution:- calculation of the Minimum amortization of the actuarial loss as follows under:-

Q: llment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in…

A: Income tax is a tax which is paid by the individuals or organizations on the income earned by them…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.