Should be reported on pitman balance sheet is

Reference no: EM13121842

Q. At the beginning of 2013, Pitman Co. purchased an asset for $900,000 with an estimated useful life of 5 years and an estimated salvage value of $75,000. For financial reporting purposes the asset is being depreciated using the straight lined method; for tax purposes the double-declining-balance method is being used. Pitman Co's tax rate is 40% for 2013 an all future years. At the end of 2013, the following deferred tax account and balance that should be reported on Pitman's balance sheet is?

Reference no: EM13121842

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