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At the beginning of 2021; Elephant, Inc. had a deferred tax asset of $20,000 and a deferred tax liability of $30,000. Pre-tax accounting income for 2021 was $1,500,000 and the enacted tax rate is 20%. The following items are included in Elephant’s pretax income: Interest income from municipal bonds $120,000 Accrued warranty costs, estimated to be paid in 2022 $260,000 Operating loss carryforward $190,000 Installment sales profit, will be taxed in 2022 $130,000 Prepaid rent expense, will be used in 2022 $60,000 Which of the following is required to adjust Elephant, Inc.’s deferred tax asset to its correct balance at December 31, 2021?
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At the beginning of 2021; Elephant, Inc. had a deferred tax asset of $20,000 and a deferred tax liab...
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