Teal Corporation began operations in 2020 and reported pretax financial income of $224,000 for the year. Teal’s tax depreciation exceeded its book depreciation by $44,000. Teal’s tax rate for 2020 and years thereafter is 30%. In its December 31, 2020, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $enter the deferred tax liability to be reported
Teal Corporation began operations in 2020 and reported pretax financial income of $224,000 for the year. Teal’s tax depreciation exceeded its book depreciation by $44,000. Teal’s tax rate for 2020 and years thereafter is 30%. In its December 31, 2020, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $enter the deferred tax liability to be reported
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 32P
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Teal Corporation began operations in 2020 and reported pretax financial income of $224,000 for the year. Teal’s tax depreciation exceeded its book depreciation by $44,000. Teal’s tax rate for 2020 and years thereafter is 30%. In its December 31, 2020, balance sheet, what amount of deferred tax liability should be reported?
Deferred tax liability to be reported |
$enter the deferred tax liability to be reported
|
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