E 14-9 Reporting deferred portion of tax expense (LO 14-2, LO 14-4) Quinn Company reported...
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E 14-9 Reporting deferred portion of tax expense (LO 14-2, LO 14-4) Quinn Company reported a net deferred tax asset of $6,300 in its December 31, 20X0, balance sheet. For 20X1, Quinn reported pre-tax financial statement income of $300,000. Temporary differences of $100,000 resulted in taxable income of $200,000 for 20X1. At December 31, 20X1, Quinn had net cumulative temporary differences (related to future taxable income) of $70,000. The income tax rate is 21%. AICPA ADAPTED Required: In its December 31, 20X1, income statement, what should Quinn report as the deferred portion of income tax expense
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