Answer:
D.) Collateral
Explanation:
Tbh I'm not confident on this choice, but real estate basically is just a fancy term for property, for those who don't know. A collateral is a piece of property that can be sold by the lender to recover all or part of a loan if the borrower fails to repay. So with that being said, the only logical choice in my opinion would be D, or Collateral.
Collateral might decrease the length of a mortgage loan. As it minimises the risk for the mortgage loan.
What is mortgage loan?Mortgage loan is the fund that is provided to the lender against the immovable assets or property, or collateral to the Borrower. The lender used to keep the assets until their loan is repaid by the person.
Thus, option C is correct.
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Mill Company began operations on January 1, 20X1, and recognized income from construction-type contracts under different methods for tax purposes and financial reporting purposes. Information concerning income recognition under each method is as follows: Year Tax Purposes Book Purposes 20X1 $ 400,000 $ 0 20X2 625,000 375,000 20X3 750,000 850,000 Required: Assume the income tax rate is 21% in all years and that Mill has no other temporary differences. In its December 31, 20X3, balance sheet, what amount of deferred income taxes should Mill report
Answer:
Deferred tax asset balance on December 31, 20X3 = $115,500
Explanation:
The computation of the amount of deferred income taxes should Mill report is shown below:
Year Tax purpose Book purpose Difference Deferred tax book
20X1 $400,000 $0 $400,000 $84,000
20X2 $625,000 $375,000 $250,000 $52,500
20X3 $750,000 $850,000 ($100,000) ($21,000)
Deferred tax asset balance on December 31, 20X3 = $115,500