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Crane Corporation purchased a machine on January 2, 2020, for $3900000. The machine has an estimated 5-year life with no salvage value.
The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes:
2020 $780000
2023 $448500
2021 1248000
2024 448500
2022 748800
2025 226200
Problem 1: Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Crane's balance sheet at December 31, 2021 be
Option 1: $66300
Option 2: $6240
Option 3: $0
Option 4: $93600
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