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Question - Early in January 2019, Oler, Inc., purchased equipment costing $24,000. The equipment had a 2-year useful life and was depreciated in the amount of $12,000 in 2019 and 2020. Oler deducted the entire $24,000 on its tax return in 2019. This difference was the only one between its tax return and its financial statements. Oler's income before depreciation expense and income taxes was $354,000 in 2019 and $367,500 in 2020. The tax rate in each year was 25%.
Required -
a. What amount of deferred tax liability should Oler report in 2019 and 2020?
b. Prepare the journal entries to record income taxes for 2019 and 2020.
c. Repeat requirement b if in 2019 the U.S. enacts a permanent tax rate change to be effective in 2020; the rate will increase to 35%.
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