Skysong Corporation began operations in 2020 and reported pretax financial income of $244,000 for the year. Skysong's tax depreciation exceeded its book depreciation by $48,000. Skysong'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 $
Skysong Corporation began operations in 2020 and reported pretax financial income of $244,000 for the year. Skysong's tax depreciation exceeded its book depreciation by $48,000. Skysong'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 $
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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