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Question - Sunland, Inc. had pre-tax accounting income of $2100000 and a tax rate of 40% in 2018, its first year of operations. During 2018 the company had the following transactions:
Received rent from Jane, Co. for 2019 $90000
Municipal bond income $114000
Depreciation for tax purposes in excess of book depreciation $54000
Installment sales profit to be taxed in 2019 $156000
At the end of 2018, which of the following deferred tax accounts and balances exist at December 31, 2018?
Account Balance
Deferred tax asset$57600
Deferred tax asset$36000
Deferred tax liability$57600
Deferred tax liability$36000
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