For calendar year 2021, Carla Vista Corp. reported depreciation of $1550000 in its income statement. On its 2021 income tax return, Carla Vista reported depreciation of $2305000. Carla Vista's income statement also included $285000 accrued warranty expense that will be deducted for tax purposes when paid. Carla Vista's enacted tax rates are 20% for 2021 and 2022, and 15% for 2023 and 2024. The depreciation difference and warranty expense will reverse over the next three years as follows:
Depreciation Difference Warranty Expense
2022 $305000 $55000
2023 265000 95000
2024 185000 135000
$755000 $285000
These were Carla Vista's only temporary differences. In Carla Vista's 2021 income statement, the deferred portion of its provision for income taxes should be:
a. $94000.
b. $83000.
c. $156000.
d. $91500.
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For calendar year 2021, Carla Vista Corp. reported depreciation of $1550000 in its income statement....
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