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Find the total deferred tax liability to be reported

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Question - A reconciliation of Pharoah Company's pretax accounting income with its taxable income for 2021, its first year of operations, is as follows:

Pretax accounting income $4900000

Excess tax depreciation (249000)

Taxable income $4651000

The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 30% in 2021, 25% in 2022 and 2023, and 20% in 2024. Find the total deferred tax liability to be reported on Pharoah's balance sheet at December 31, 2021?

Reference no: EM132733831

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