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What amount related to insurance should be reported

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Question - On June 30, 2018, Buttfuski Corporation prepaid a $59,000 premium on an annual insurance policy. The premium payment was a tax-deductible expense in Buttfuski's tax return in 2018. The accrual basis income statement will report $29,500 insurance expense in 2018 and 2019. The income tax rate is 30% in 2018 and 25% thereafter. In Buttfuski's December 31, 2018 balance sheet, what amount related to insurance should be reported as a deferred income tax liability?

Reference no: EM132440769

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