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eBook Calculator Print Item Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% Federal corporate tax rate and no valuation allowance. Tax Debit/(Credit) Book Debit/(Credit) Assets Cash Accounts receivable Buildings Accumulated depreciation Furniture and fixtures Accumulated depreciation $1,000 9,000 850,000 (700,000) 40,000 (10,000) $190,000 $1,000 9,000 850,000 (620,000) 40,000 (8,000) $272,000 Total assets Liabilities Accrued warranty expense Note payable Total liabilities Stockholders' Equity Pald-in capital (16,000) ($16,000) ($40,000) (16,000) ($56,000) ($50,000) (124,000) ($190,000) ($50,000) (166,000) Retained earnings (5-272,000) Total liabilities and stockholders' equity The beginning of the year book-tax basis difference for the deferred tax asset is listed below. Complete the table and determine the change in Kantner's deferred tax assets for the current year. Beginning of Current-Year End of Year Difference Year Accrued warranty expense $30,000 219 Applicable tax rate Previous Next Check My Work 3 more Check My Work uses remaining Submit Assignment for Grading Email Instructor Save and Exit Talasse $190,000 $272,000 Liabilities Accrued warranty expense Note payable Total liabilities Stockholders' Equity Pald-in capital $0 (16,000) ($16,000) ($40,000) (16,000) ($56,000) Retained earnings Total liabilities and stockholders' equity ($50,000) (124,000) ($190,000) ($50,000) (166,000) ($272,000) The beginning of the year book-tax basis difference for the deferred tax asset is listed below. Complete the table and determine the change in Kantner's deferred tax assets for the current year. Beginning of Year Current-Year Difference End of Year Accrued warranty expense $30,000 Applicable tax rate 21% 21% Gross deferred tax asset $6,300 Change in deferred tax asset Check My Work 3 more Check My Work uses remaining. All work saved. Email Instructor Save and Exit

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