ACC 306 Week 3 Assignment E 16 24, E 16 25, E 17 10, E 17 19, P 16 7, P 17 16

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E 16-24 - DePaul Corporation - Balance sheet classification ? LO4 LO5 LO6 LO8

At December 31, DePaul Corporation had a 16 million balance in its deferred tax asset account and a 68 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences:

  1. Estimated warranty expense, 15 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty).

2.Depreciation expense, 120 million: straight-line in the income statement; MACRS on the tax return.

3.Income from installment sales of properties, 50 million: income recorded in the year of the sale; taxable when received equally over the next five years.

4.Bad debt expense, 25 million: allowance method for accounting; direct write-off for tax...

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