Use the following information for questions 66 and 67.
Mitchell Corporation prepared the following reconciliation for its first year of operations: The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2015 is 35%.
-What amount should be reported in its 2015 income statement as the deferred portion of income tax expense?

Question

Use the following information for questions 66 and 67.
Mitchell Corporation prepared the following reconciliation for its first year of operations:  The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2015 is 35%.
-What amount should be reported in its 2015 income statement as the deferred portion of income tax expense?

Quizplus · Accepted Answer

The Answer of Use the following information for questions 66 and 67.
Mitchell Corporation prepared the following reconciliation for its first year of operations:  The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2015 is 35%.
-What amount should be reported in its 2015 income statement as the deferred portion of income tax expense?

Use the Following Information for Questions 66 and 67