Amelia, Inc

question 84

Essay

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.
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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 records two permanent book-tax differences.

It earned $1,000 in tax-exempt municipal bond interest and $1,840 in nondeductible meals and
entertainment expense. Determine the change in Amelia's deferred tax liabilities for the current year.

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