Solutions to Chapter 3 Problems

$1,000 (1/24 of $24,000) for both tax and financial accounting. b. $23,000 for tax accounting and $12,000 for financial accounting. Deferral for tax is not permitted beyond the year following the prepayment. c. $0 for tax accounting and $11,000 ($24,000 - $1,000 - $12,000) for financial accounting. 24. Municipal Bonds ................
................