Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2020. This difference will reverse as follows: 2021, $42,000; 2022, $244,000; and 2023, $294,000. Enacted tax rates are 17% for 2021 and 2022, and 20% for 2023. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2020.

The Answer is given below

Explanation:

The deferred tax liability=$580,000*17%=$98,600

The journal Entry for this will be at December 31,2020;

Deferred Tax  Expense        Dr.$98,600

Deferred Tax Liability           Cr.$98,600

This temporary difference will be reduced in following year and in that particular year deferred asset will be recognized.

In the absence of information for tax year December 31,2020, the tax rate 17% is used.

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henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

the correct answer is d. wealthy colonists to take care of the less fortunate. hope this