The following information applies to the operations of MK Inc. for 2018 and 2019. Assume...
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Accounting
The following information applies to the operations of MK Inc. for 2018 and 2019. Assume a tax rate of 30% for both years. 2018 information: Sales on account in the amount of $700,000 Warranty expense and associated liability in the amount of $130,000 No other expenses incurred. 2019 information: Sales on account in the amount of $230,000 Warranty repairs made in the amount of $61,000 No expenses incurred. What is the amount of MK's deferred tax asset or deferred tax liability for 2018?
$11,700
$39,000
$91,000
$18,300
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