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The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $150,000 at December 31, 2011. This was a result of differences between straight line depreciation for financial reporting purposes and MACRS for tax purposes. The asset was acquired earlier in the year. Boze has no other temporary differences. The enacted tax rate is 30% for 2011 and 40% thereafter. Boze should report the deferred tax effect of this difference on its December 31, 2011, balance sheet as?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953052

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