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  3. in 2007, admire company accrued, for financial sta

In 2007, Admire Company accrued, for financial statement reporting, estimated losses on disposal of unused...

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Accounting

In 2007, Admire Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $1,500,000. The facilities were sold in March 2008 and a $1,500,000 loss was recognized for tax purposes. Assuming that the enacted tax rate is 35% in 2007 and 30% in 2008, and that Admire paid $780,000 in income taxes in 2007, the amount reported as deferred taxes on Admire's balance sheet at December 31, 2007, should be a?

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