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What amount should be included in the december 31

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Question

Blossom Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. Profits of $1180000 recognized for books in 2017 will be collected in the following years:

Collection of Profits2018

$196000

2019

$396000

2020

$588000

The enacted tax rates are: 40% for 2017, 35% for 2018, and 30% for 2019 and 2020. Taxable income is expected in all future years. What amount should be included in the December 31, 2017, balance sheet for the deferred tax liability related to the above temporary difference?

Reference no: EM132326466

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