Business, 11.02.2020 22:52 bubblegum2850

Swordfish Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by $25,000. In addition, book depreciation exceeded tax depreciation by $100,000. In prior years, tax depreciation exceeded book depreciation by a cumulative amount of $500,000. Finally, Swordfish subtracted a dividends received deduction of $15,000 in computing its current-year taxable income. Swordfish's deferred income tax expense or benefit would be:

a. $23,100 net deferred tax expense.
b. $23,100 net deferred tax benefit.
c. $26,250 net deferred tax benefit.
d. $26,250 net deferred tax expense.

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Swordfish Corporation reported pretax book income of $1,000,000. During the current year, the net re...

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