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What amount of deferred tax liability should be reported

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Question: Oxford Corporation began operations in 2014 and reported pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,000. Oxford's tax rate for 2014 and years thereafter is 30%. In its December 31, 2014, balance sheet, what amount of deferred tax liability should be reported?

Reference no: EM131592338

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