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By how much did deferred tax liabilities increase

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Question - For the year ended December 31, 2016, Beep Inc. recorded pre-tax book income of $600. To compute taxable income for federal income tax purposes, the following items should be noted:

Fines paid to regulators - $70

Depreciation deductible for tax purposes in excess of depreciation recorded in GAAP-based book income - $80

Statutory corporate income tax rate - 35%

Required - By how much did deferred tax liabilities increase?

Reference no: EM133094618

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