(Answered) Question - ac is a publicly traded company from a

Accounting

Question - AC is a publicly traded company from a non-Nordic country. AC acquired machinery for €10 million 1/1 2013. The useful life is 10 years and have a residual value of zero, but is depreciated with 30 % using the reducing balance method for taxation purposes (that is, depreciation is 10x0.3=3 in year 1, 7x0.3=2.1 in year 2 etc.). Assume the tax rate is 25%.

Required: Calculate the deferred taxes to be reported in the income statement and the balance sheet at the balance sheet days 31/12 2013 to 31/12 2017.

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