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How valuation account should be established in the amount of

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Problem 1: Crane Corporation has a deferred tax asset at December 31, 2022 of $140000 due to the recognition of potential tax benefits of an operating loss carryforward. The enacted tax rates are as follows: 30% for 2019-2021; 25% for 2022; and 20% for 2023 and thereafter. Assuming that management expects that only 50% of the related benefits will actually be realized, a valuation account should be established in the amount of:

Option 1: $21000

Option 2: $28000

Option 3: $70000

Option 4: $24500

Reference no: EM132700817

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