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What is balance of the deferred tax liability on december

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Point 1: On January 1, Year 1, Santana Corp. purchased equipment for $75,000 with a five-year useful life. Santana depreciates the equipment for reporting purposes using the straight-line method. Taxable income for Year 1 is $148,000. For tax purposes, the company depreciates 100% of the equipment balance in Year 1. The company's current tax rate is 25%. However, in Year 1, the enacted tax rate increased to 35% beginning in Year 3 and beyond.

Question 1: What is income tax expense for Year 1 and what is the balance of the deferred tax liability on December 31 of Year 1?

Reference no: EM132494561

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