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Giada Foods reported $940 million in income before...

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Giada Foods reported $940 million in income before income taxes for 2009, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is: A. $16 million B. $35 million C. $40 million D. $56 million

 

Paper#12991 | Written in 18-Jul-2015

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