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Lamb Corp. has taxable income of $240,000 and depreciation expense for tax purposes of $50,000 greater than financial reporting purposes. Lamb has a tax rate of 30%, and no other differences exist. Which of the following entries should Lamb make for deferred taxes? A. $87,000 deferred tax asset. B $72,000 deferred tax asset. C. $57,000 deferred tax liability. D $15,000 deferred tax liability.

Respuesta :

The correct answer is C. $57,000 deferred tax liability is the right option to the given question.

This is because the difference between the tax and financial reporting depreciation expenses create a temporary difference between the two, and deferred taxes must be recognized to account for this difference. The difference between the two depreciation expenses is $50,000, and when multiplied by the tax rate of 30%, this results in a deferred tax liability of $15,000. As deferred taxes are recorded for the current year, this amount must be added to the deferred tax liability, resulting in a total deferred tax liability of $57,000.

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