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ACC 557 Homework Week 2 – Chapter 19 Problem 1

ACC 557 Homework Week 2 – Chapter 19 Problem 1

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ACC 557 Homework Week 2 – Chapter 19 Problem 1

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ACC 557 Homework Week 2 – Chapter 19 Problem 1

Problem 1:

California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015.  The accounting and tax data are shown below.

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