) York Company reported the following results for the year ended December 31, 2021, its first...

) York Company reported the following results for the year ended December 31, 2021, its first year of operations:

2021

Income (per books before income taxes) $ 1,800,000

Taxable income 3,400,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2022. What should York record as a net deferred tax asset or liability for the year ended December 31, 2021, assuming that the enacted tax rates in effect are 30% in 2021 and 20% in 2022?

Expert Solution

jeff jeffy answered 1 year ago

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