Net deferred tax liability

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Reference no: EM133265618

Question: Mina Company, a cash basis taxpayer, incurred the following transactions during Year 1:

• Received municipal bond interest payments totaling $5,000

• Accrued warranty expenses $12,000, with no warranty expense payouts during the year

• Paid $26,000 at the end of the year for rented space beginning in Year 2 If the income tax rate is 21 percent for the current year and for all future years, the transactions described above will result in a net deferred tax liability of:

Reference no: EM133265618

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