Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's 20X0 income statement are the following:
Premium on officer's life insurance with Lake as owner and beneficiary of $15,000
Interest received on municipal bonds of $ 20,000
The enacted tax rate for 20X0 is 30% and 25% thereafter. In its December 31, 20X0, balance sheet, Lake should report a deferred income tax liability of:
a.$4,500
b.$0
c.$3,750
d.$28,500
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's 20X0 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Business » Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's 20X0 income statement are the following: Premium on officer's life insurance with Lake as owner and beneficiary of