Business, 18.08.2021 02:30 PaulJames

The following facts relate to Duncan Corporation. a. Deferred tax liability, January 1, 2020, $30,000. $30,000.00
b. Deferred tax asset, January 1, 2020, $10,000. $10,000.00
c. Taxable income for 2020, $105,000. $105,000.00
c. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $230,000. $230,000.00
d. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $95,000. $95,000.00
e. Tax rate for all years, 20%. No permanent differences exist. 20%
f. The company is expected to operate profitably in the future.

Required:
Compute the amount of pretax financial income for 2020.

Answers: 2

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The following facts relate to Duncan Corporation. a. Deferred tax liability, January 1, 2020, $30,0...

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