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What is the amount of deferred tax asset or liability

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Question - Snell Inc. paid $18,000 on January 1, 2021 for farm equipment with a three year useful life. The equipment will be depreciated straight-line for financial reporting purposes. Snell expensed the entire $18,000 in 2021 for tax purposes. Assume this is the only timing difference between the firm's books and tax return. Snell's tax rate is 25%.

What is the amount of deferred tax asset or liability in Snell's 2021 balance sheet?

What is the amount of deferred tax asset or liability in Snell's 2022 balance sheet?

Reference no: EM133159590

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