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Posted: June 3rd, 2022
Crosley Corp. sold an investment on an installment basis.
Question 1Crosley Corp. sold an investment on an installment basis. The total gain of $79,800 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment-sales method for tax purposes. The installment period is 3 years; one-third of the sale price is collected in the period of sale. The tax rate was 40% in 2014, and 35% in 2015 and 2016. The 35% tax rate was not enacted in law until 2015. The accounting and tax data for the 3 years is shown below.Financial AccountingTax Return2014 (40% tax rate)Income before temporary difference$93,100$93,100Temporary difference79,80026,600Income$172,900$119,7002015 (35% tax rate)Income before temporary difference$93,100$93,100Temporary differenceâ0â26,600Income$93,100$119,7002016 (35% tax rate)Income before temporary difference$93,100$93,100Temporary differenceâ0â26,600Income$93,100$119,700.wileyplus.com/edugen/art2/common/pixel.gif">.wileyplus.com/edugen/art2/common/pixel.gif">.wileyplus.com/edugen/art2/common/pixel.gif">.wileyplus.com/edugen/art2/common/pixel.gif">(a1)Calculate cumulative temporary differences for years 2014-2016.201420152016Cumulative temporary difference$.wileyplus.com/edugen/art2/common/pixel.gif">$.wileyplus.com/edugen/art2/common/pixel.gif">$.wileyplus.com/edugen/art2/common/pixel.gif">Calculate current tax expense for years 2014-2016.Current tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2014$.wileyplus.com/edugen/art2/common/pixel.gif">Current tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2015$.wileyplus.com/edugen/art2/common/pixel.gif">Current tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2016$.wileyplus.com/edugen/art2/common/pixel.gif">Calculate deferred tax expense for 2014-2016.Deferred tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2014$.wileyplus.com/edugen/art2/common/pixel.gif">Deferred tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2015$.wileyplus.com/edugen/art2/common/pixel.gif">Deferred tax .wileyplus.com/edugen/art2/common/pixel.gif">expensebenefit for 2016$.wileyplus.com/edugen/art2/common/pixel.gif">
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