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Calculate amount that concord should report as a deferred

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Problem 1: Concord Corporation has a taxable temporary difference related to net book value versus UCC of $703,000 at December 31, 2020. This difference will reverse as follows: 2021, $50,700; 2022, $317,000; and 2023, $335,300. Enacted tax rates are 25% for 2021 and 2022, and 30% for 2023. Calculate the amount that Concord should report as a deferred tax asset or liability at December 31, 2020.

Reference no: EM132780795

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