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Determine amount of deferred taxes that should be reported

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Reference no: EM132957326

Monty Corp. purchased depreciable assets costing $28,800 on January 2, 2020. For tax purposes, the company uses CCA in a class that has a 30% rate. For financial reporting purposes, the company uses straight-line depreciation over five years. The enacted tax rate is 25% for all years. This depreciation difference is the only reversing difference the company has.

Problem 1: Determine the amount of deferred taxes that should be reported in the SFP for each year from 2020 to 2024.

Reference no: EM132957326

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