West Corp. leased a building and received the $36,000 annual rental payment on June 15, 2004.
The beginning of the lease is July 1, 2004. Rental income is taxable when received. West's tax rates are 30% for 2004 and 40% thereafter. West has elected early adoption of FASB Statement No. 109, Accounting for Income Taxes. West had no other permanent or temporary differences. West determined that no valuation allowance was needed.
What amount of deferred tax asset should West report in its December 31, 2004 balance sheet?
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West Corp. leased a building and received the $36,000 annual rental payment on June 15, 2004.
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