On January 1. 2021, Pharoah Corp. purchased 30% of the voting common stock of Betz, Inc. and appropriately accounts for its investment by the equity method. During 2021, Betz reported earnings of $1400000 and paid dividends of $440000. Pharoah assumes that all of Betz's undistributed earnings will be distributed as dividends in future periods when the enacted tax rate will be 20%. Ignore the dividend-received deduction. Pharoah's current enacted income tax rate is 15%. The increase in Pharoah's deferred income tax liability for this temporary difference is
$192000
$73600
$57600
$144000.

Question

01-12-2022
Business

Answered

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On January 1. 2021, Pharoah Corp. purchased 30% of the voting common stock of Betz, Inc. and appropriately accounts for its investment by the equity method. During 2021, Betz reported earnings of $1400000 and paid dividends of $440000. Pharoah assumes that all of Betz's undistributed earnings will be distributed as dividends in future periods when the enacted tax rate will be 20%. Ignore the dividend-received deduction. Pharoah's current enacted income tax rate is 15%. The increase in Pharoah's deferred income tax liability for this temporary difference is
$192000
$73600
$57600
$144000.

Sagot :

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