Padagonian Company

Use the Deferred Income Taxes Account That

Padagonian Company

Use the Deferred Income Taxes account that appears in the financial statements of Padagonian Company to answer the related questions.
$\begin{array} { l r r } & { \text { December 31, } } \\\text { (In millions) } & \underline{ \mathbf { 2 0 1 8 } } & \underline{\mathbf { 2 0 1 7 } }\\\text { Deferred income taxes } & { \$442 }& \$ 358 \\\text { Total assets } & 22,417 & 20,834 \\\text { Total current liabilities } & 8,429 & 9,321 \\\text { Total stockholders' equity } & 11,366 & 9,316\end{array}$
- Review the information for Padagonian Company.
Required
(1)In your opinion,are deferred income taxes an appreciable portion of both long-term liabilities and total liabilities? Why?
(2)What difference between accounting income and taxable income produces the Deferred Income Taxes account?
(3)Will Padagonian eventually pay the deferred tax liability? When?