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What amount should be included in the deferred income tax

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Question - In its 2018 income statement, Blossom Corp. reported depreciation of $4700000 and interest revenue on municipal obligations of $810000. Blossom reported depreciation of $6800000 on its 2018 income tax return. The difference in depreciation is the only temporary difference, and it will reverse equally over the next 3 years. Blossom's enacted income tax rates are 35% for 2018, 30% for 2019, and 25% for 2020 and 2021. What amount should be included in the deferred income tax liability in Hertz's December 31, 2018 balance sheet?

Reference no: EM132429414

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