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12.Which of the following is an example of a change in reporting entity? Multiple Choice...

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Accounting

12.Which of the following is an example of a change in reporting entity?

Multiple Choice

  • A change in the actuarial life expectancies of employees under a pension plan.

  • A change in inventory costing methods.

  • Consolidating a new subsidiary.

  • A change in the estimated useful life of a depreciable asset.

16.

Illini Inc. operates in two independent tax jurisdictions of Bears and Packers. Its has the following information of its deferred tax assets and liabilities:

Bears:
Deferred tax asset of $5 million
Valuation allowance of $1 million
Deferred tax liability of $14 million
Packers:
Deferred tax asset of $18 million
Deferred tax liability of $2 million

Illini files separate tax returns in Bears and Packers. Illini's balance sheet should have the following disclosure of deferred tax assets and liabilities:

Multiple Choice

  • A deferred tax asset of $6 million.

  • A deferred tax liability of $9 million and a deferred tax asset of $20 million.

  • A deferred tax liability of $9 million and a deferred tax asset of $16 million.

  • A deferred tax liability of $10 million and a deferred tax asset of $16 million.

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