ACC 423 Final Exam Guide 2 For more course tutorials visit www . tutorialrank . com
Question 30
Clydesdale Corporation has a cumulative temporary difference related to depreciation of $ 606,600 at December 31 , 2012 . This difference will reverse as follows : 2013 , $ 43,100 ; 2014 , $ 264,300 ; and 2015 , $ 299,200 . Enacted tax rates are 34 % for 2013 and 2014 , and 40 % for 2015 . Compute the amount Clydesdale should report as a deferred tax liability at December 31 , 2012 .
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ACC 423 Final Exam Guide 2 For more course tutorials visit www . tutorialrank . com
1 ) When the cash proceeds from a bond issued with detachable stock warrants exceed the sum of the par value of the bonds and the fair market value of the warrants , the excess should be credited to
A . premium on bonds payable . B . retained earnings . C . a liability account . D . additional paid-in capital from stock warrants . 2 ) The conversion of preferred stock may be recorded by the A . par value method . B . book value method . C . market value method . D . incremental method .