In Its 2020 Income Statement, Its First Year of Operations

question 74

Multiple Choice

In its 2020 income statement, its first year of operations, Penelope Corp. reported depreciation of $ 525,000 and interest revenue from a Canadian corporation of $ 105,000. For 2020 income tax purposes, Maine claimed CCA of $ 825,000. The difference in depreciation/CCA will reverse in equal amounts over the next three years. Penelope's income tax rates are 35% for 2020, 30% for 2021, and 25% for both 2022 and 2023. What amount should be included as the deferred tax liability on Penelope's December 31, 2020 SFP?

• A) $ 99,000
• B) $ 90,000
• C) $ 80,000
• D) $ 75,000

---

Definitions:

Patient Assessment

The systematic collection and analysis of patient-specific data necessary to plan, implement, and evaluate appropriate healthcare.

Health History

A comprehensive record of a patient's personal health and medical background, including past illnesses, surgeries, and family medical history.

Nursing Care Plan

A customized plan developed by nurses for a patient's care, outlining specific goals, interventions, and expected outcomes.

Entry-level Competencies

The basic skills, knowledge, and abilities expected of individuals beginning a professional career, ensuring they can perform their job safely and effectively.