What should campbell record as a net deferred tax asset, Ask an Expert

Accounting

Campbell Co. reported the following results for the year ended Dec 31, 2011 its first year of operations :

Income (per book before income tax) 750,000 (2011)

Taxable income 1,1000,000 (2011) the disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2012. What should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9404872

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