Solution-Find the total deferred tax liability

Find the total deferred tax liability

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Question - A reconciliation of Pharoah Company's pretax accounting income with its taxable income for 2018, its first year of operations, is as follows:

Pretax accounting income $5300000

Excess tax depreciation (153000)

Taxable income $5147000

The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 40% in 2018, 30% in 2019 and 2020, and 30% in 2021. Find the total deferred tax liability to be reported on Pharoah's balance sheet at December 31, 2018?

Reference no: EM132429410

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Find the total deferred tax liability

Reference no: EM132429410

Reference no: EM132429410

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