Using the Legend Provided, Classify Each Statement Accordingly

question 25

Short Answer

Using the legend provided, classify each statement accordingly. In all cases, assume that taxable income is being adjusted to arrive at current E & P for 2015.
a.Increase
b.Decrease
c.No effect
-Domestic production activities deduction claimed in 2015.

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Definitions:

Non-current Assets

Assets held for long-term use in business operations, not expected to be converted into cash within the next year.

Bonus Dividends

Additional dividends paid to shareholders, above regular dividends, typically issued in the form of extra shares.

Revaluation

An adjustment of the carrying value of an asset or liability to its current fair value.

Consolidated Statement

A financial statement that presents the financial position and results of operations of a parent and its subsidiaries as if they were a single economic entity.