(Answered) Question - at the beginning of 2012 dolly inc has a

Accounting

Question - At the beginning of 2012, Dolly, Inc. has a deferred tax asset of $5,000 and deferred tax liability of $9,000. In 2012, pretax financial income was $725,000 and the tax rate was 40%.

Pretax income included:

Interest income from municipal bonds $30,000

Accrued warranty costs, estimated to be used in 2013 $96,000

Prepaid rent expense, will be used in 2013 $18,000

Installment sales revenue, to be collected in 2013 $34,000

Operating loss carryforward $52,000

Compute the Deferred tax liability ending balance Dec. 31, 2012.

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