Matthew Company reported $350000 in income before income tax for financial reporting(book) purposes in Year
1. Matthew Company reported $350000 in income before income tax for financial reporting(book) purposes in Year 3, its first year of operation. The tax depreciation exceeded its book depreciation of $30000. The tax income rate for Year 3 and all future years is 40%. What amount of deferred income tax should Matthew report in its December 31, Year 3, balance sheet? a) $8000 deferred tax asset b) $9000 deferred tax liability c) $10000 deferred tax asset d) $12000 deferred tax liability 2. Matthew Company reported $350000 in income before income tax for financial reporting(book) purposes in Year 3, its first year of operation. The tax depreciation exceeded its book depreciation of $30000. The tax income rate for Year 3 and all future years is 40%....