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What should sandhill record as a net deferred tax asset

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Reference no: EM132331667

Question

Sandhill Company reported the following results for the year ended December 31, 2018, its first year of operations:

2018

Income (per books before income taxes)$1804000

Taxable income 3000000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2019.

What should Sandhill record as a net deferred tax asset or liability for the year ended December 31, 2018, assuming that the enacted tax rates in effect are 40% in 2018 and 35% in 2019?

Reference no: EM132331667

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