AmStore Inc. sold some of its heavy machinery at a gain. AmStore used the straight line method for financial accounting depreciation and MACRs for tax cost recovery. If accumulated depreciation for financial accounting purposes is less than accumulated depreciation for tax reporting purposes, what is the nature of the book tax difference associated with the gain on the saleA.Permanent; FavorableB.Permanent; UnfavorableC.Temporary; FavorableD.Temporary; Unfavorable
This question was answered on: Sep 21, 2023
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