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The management of Seuss Company purchased a piece of equipment with a useful life of five years and no salvage value for $500,000 last year. The company uses straight-line depreciation. The depreciation expense calculated on the tax return for Year 2 will be $120,000.
Question:
1. Calculate the depreciation expense to record on the books for Year 2.
2. Calculate the net book value of the equipment reported on the balance sheet at the end of Year 2.
3. Will there be a deferred tax asset or liability created as a result of the depreciation recorded for tax and financial reporting purposes.
4. How much will be added to the deferred tax account as a result of the depreciation timing difference?
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