FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Western Digital reported $950 million in income before income taxes for 2021, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $110 million. The company also had non-tax-deductible expenses of $84 million relating to permanent differences. The income tax rate for 2021 was 25%, but the enacted rate for years after 2021 is 30%. The balance in the deferred tax liability in the December 31, 2021, balance sheet is:

 

Multiple Choice
  •  
    $18 million.
  •  
    $59 million.
  •  
    $33 million.
  •  
    $28 million.
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