For its first year of operations, tringali corporation's reconciliation of pretax accounting income to taxable income is as follows: pretax accounting income $ 290,000 permanent difference (14,100 ) 275,900 temporary difference-depreciation (19,700 ) taxable income $ 256,200 tringali's tax rate is 32%. assume that no estimated taxes have been paid. what should tringali report as its deferred income tax liability as of the end of its first year of operations?

Tringali corporation should report $ 88,288 as the deferred tax liability as of the end of the first year of its operations.

Explanation:

This type of income tax is a liability which a corporation records on its balance sheet because of the difference in revenue recognition between the corporation's accounting practices and the tax laws.

Here for calculating the deferred income tax we will simply calculate the tax rate given on the taxable income of the income and also on the temporary difference in the depreciation.

DEFERRED INCOME TAX LIABILITY =

TAXABLE INCOME X TAX RATE  +  TEMPORARY DIFFERENCE X TAX RATE

= $256,200 X 32% + $ 19,200 X 32%

= $81,984 + $6,304

= $ 88,288

answer; the above statement/question is ( true);

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