In 2014, its first year of operations, Richmond Corporation reported pretax financial income of $80,000 for the year ended December 31. Richmond depreciates its fixed assets using an accelerated cost recovery method for tax purposes and straight-line depreciation for financial reporting. On assets acquired in 2014, the following are differences between depreciation on the tax return and accounting income during the asset's five-year life:

Assuming no other temporary or permanent differences, Richmond's December 31, 2014 balance sheet should include

Question

In 2014, its first year of operations, Richmond Corporation reported pretax financial income of $80,000 for the year ended December 31. Richmond depreciates its fixed assets using an accelerated cost recovery method for tax purposes and straight-line depreciation for financial reporting. On assets acquired in 2014, the following are differences between depreciation on the tax return and accounting income during the asset's five-year life:

Assuming no other temporary or permanent differences, Richmond's December 31, 2014 balance sheet should include

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The Answer of In 2014, its first year of operations, Richmond Corporation reported pretax financial income of $80,000 for the year ended December 31. Richmond depreciates its fixed assets using an accelerated cost recovery method for tax purposes and straight-line depreciation for financial reporting. On assets acquired in 2014, the following are differences between depreciation on the tax return and accounting income during the asset's five-year life:

Assuming no other temporary or permanent differences, Richmond's December 31, 2014 balance sheet should include

In 2014, Its First Year of Operations, Richmond Corporation Reported