Amelia,Inc. ,is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year.Assume a 34% corporate tax rate and no valuation allowance.
Amelia Inc.'s gross deferred tax assets and liabilities at the beginning of Amelia's year are listed below.
Amelia Inc.'s book income before tax is $25,200.Amelia has two permanent differences between book and taxable income.It earned $1,000 in tax exempt municipal bond interest and had $1,840 in nondeductible meals and entertainment expense.Determine the change in Amelia's deferred tax liabilities for the current year.
Definitions:
Matthias Schleiden
A German botanist and co-founder of cell theory, who in 1838 proposed that all plant tissues are composed of cells and that plant growth results from the production and expansion of these cells.
Anton Van Leeuwenhoek
A Dutch scientist known as the "Father of Microbiology" for his pioneering work in the development of the microscope and the discovery of microbial life.
Theodor Schwann
A German physiologist who co-founded the cell theory, stating that all living things are made up of cells.
Prokaryotic Cell
A simple, single-celled organism without a nucleus or other membrane-bound organelles, such as bacteria and archaea.
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