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What is the amount of deferred tax liability

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Question - On Jan 1, 2021, an entity acquires a machine for 1,000,000 and depreciates it over 5 years using a straight line method. On Jan 1, 2022, the entity revalues the machine at a fair value of 1,200,000. The useful life is unchanged. The tax rules only allow depreciation at straight line method and any revaluation surplus will be considered as taxable income only when actually sold. What is the amount of deferred tax liability as of December 31, 2022?

Reference no: EM133030833

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