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Mini, inc., earns pretax book net income of $1,120,000 in 2016. mini deducted $138,800 in bad debt expense for book purposes. this expense is not yet deductible for tax purposes. mini reports $1,176,0
Mini, inc., earns pretax book net income of $1,120,000 in 2016. mini deducted $138,800 in bad debt expense for book purposes. this expense is not yet deductible for tax purposes. mini reports $1,176,000 of pretax book net income in 2017. mini did not deduct any bad debt expense for book purposes in 2017 but did deduct $104,100 in bad debt expense for tax purposes. mini has no other temporary or permanent differences. the applicable u.s. tax rate is 35%, and mini earns an after-tax rate of return on capital of 8%. enter below the 2017 end-of-year balance in mini's deferred tax asset and deferred tax liability balance sheet accounts.
