6) Which of the ordinarily creates a deferred tax asset? following differences between financial accounting...
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6) Which of the ordinarily creates a deferred tax asset? following differences between financial accounting and tax accounting a) Unrealized gain from recording investments at fair value. b) Depreciation early in the life of an asset. c) Subscriptions revenue collected in advance. d) None of these answer choices are correct. 7) For its first year of operations, Silverado Corporation's reconciliation of pretax accounting income to taxable income is as follows: 300,000 Pretax accounting income Permanent difference (15.000) 285,000 (20,000) $265,000 Temporary difference-depreciation Taxable income The enacted tax rate is 40%. What should Silverado report as its income tax expense for its first year of operations? a) 106,000. b) $ 120,000 c) $114,o00. d) $ 8,0o0
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