zakyiaiarvis544
17.04.2020 •
Business
The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $147,000 at December 31, 2021. This was a result of differences between straight-line depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The asset was acquired earlier in the year. Boze has no other temporary differences. The enacted tax rate is 26% for 2021 and 31% thereafter.
Required:
(a) Boze should report the deferred tax effect of this difference in its December 31, 2021, balance sheet as .
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