Question 2: 10 points The following is a question related to the difference between GAAP...
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Accounting
Question 2: 10 points The following is a question related to the difference between GAAP and Tax. Evaluate each item separately. For each item, whether the item will result in a temporary or permanent difference, if you believe it is a temporary difference, indicate if it will create a deferred tax asset or liability. 1. Expenses incurred in obtaining tax-exempt revenue. 2. Installment sales. 3. Excess tax depreciation over accounting depreciation. 4. Investments accounted for by the equity method (ignore dividends received deduction) 5. Advance rental receipts. 6. Fine for polluting. 7. Long-term construction contracts. 8. Premiums paid on life insurance of officers (company is the beneficiary). 9. Excess of contributions over pension expense. 10. Estimated future warranty costs
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