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Begal Corporation paid $20,000 in January of 2011 for premiums on a two- year life insurance policy which names the company as the beneficiary. Additionally, Begal Corporation's financial statements for the year ended December 31, 2011, revealed the company paid $105,000 in taxes during the year and also accrued estimated litigation losses of $200,000. Assuming the lawsuit was resolved in February of 2012 (at which time a $200,000 loss was recognized for tax purposes) and that Begal's tax rate is 30 percent for both 2011 and 2012, what amount should Begal report as asset for net deferred income taxes on its 2011 balance sheet?
A) $54,000
B) $57,000
C) $60,000
D) $66,000
The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.
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Which would be a non-fraudulent earnings management scheme?
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A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
Cost is $17,000 and Fair Value is $16,000; Security B; Cost is $22,000 and Fair Value is $26,000; Security C; Cost is $34,000 and Fair Value is $29,000.Instructions: prepare the adjusting entry for Otto Corporation on December 31, 2009 to report t..
If a Perpetual bond yields 5% and makes an equal payment each year; which has the longer duration - a perpetual bond or a 15-year zero-coupon bond?
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