JMR Corp.had one temporary difference during the year.The carrying value of its capital assets for accounting purposes amounted to $350,000; the carrying value for CCA purposes was $380,000.What is the temporary difference amount, what would it be called and where should it be presented on the balance sheet?

Question

Quizplus · Accepted Answer

The Answer of JMR Corp.had one temporary difference during the year.The carrying value of its capital assets for accounting purposes amounted to $350,000; the carrying value for CCA purposes was $380,000.What is the temporary difference amount, what would it be called and where should it be presented on the balance sheet?

JMR CorpHad One Temporary Difference During the Year