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On 31st December, 2010 the south Padre Company had a deferred tax liability balance of $8100 starting from an excess of MACRS depreciation for tax purpose over straight line depreciation for accounting purposes. The tax effects of that timing difference are expected to reverse in the subsequent years:
Year timing difference enacted tax rate Deferred tax liability
2011 6000 30% 1800
2012 8000 35% 2800
2013 10000 35% 3500
8100
On 27th January, 2011, Congress raised effective income tax rate to 38 percent for all future years, including the existing year, 2011.
Required:
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