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Nowell Company is experimenting with comprehensive-liability income tax allocation called for in SFAS No. 109 but, in addition, they are employing discounting. No temporary differences exist up to 2000. Shown here is a schedule of tax depreciation, book depreciation, and income before depreciation.
Tax Depreciation
Book Depreciation
Income Before
Depreciation
Year
A1
A2
2005
$50,000
$35,000
$300,000
2006
40,000
$60,000
35,000
400,000
2007
30,000
50,000
420,000
2008
20,000
440,000
The tax rate is 45 percent. The discount rate is 8 percent.
Required:
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