24 Jan (Note: Students may want to review the material on
(Note: Students may want to review the material on accounting for trading securities in Chapter 16 before beginning this problem.) For its third year of operations, 2017, Delilah Corp. is reporting pre-tax book income of $223,000. The following items are relevant to Delilah s deferred tax computations: 1. In 2017, Delilah had a $55,000 unrealized holding gain on its trading securities that is not recognized for tax purposes until it sells the securities. 2. Bad debt expense of $24,000 was recorded in 2017, although during 2017 no actual write-offs took place. Delilah is subject to a 35% corporate tax rate. Required: 1. Determine Delilah Corp. s taxable income and taxes due for 2017. 2. Determine the changes in Delilah Corp. s deferred tax amounts for 2017. 3. Calculate tax expense for Delilah Corp. for 2017.
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