Wrest Co., organized on January 2, 2014, had pretax book income of $640,000Taxable income is $2,080,000 for the year ended December 31, 2014.The only temporary difference is accrued product warranty costs which are expected to be paid as follows:2015 480,0002016 240,0002017 240,0002018 480,000The enacted income tax rates are 35% for 2014, 30% for 2015 through 2017, and 25% for 2018.If Wrest expects taxable income in future years, the deferred tax asset in Wrest’s December 31, 2014 balance sheet should be
RECOMMENDED!!Wrest Co., organized on January 2, 2014
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