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Question - Ayres Services acquired an asset for $112 million in 2021. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 25%. Amounts for pretax accounting income, depreciation, and taxable income in 2021, 2022, 2023, and 2024 are as follows:
($ in millions)
2021
2022
2023
2024
Pretax accounting income
$350
$370
$385
$420
Depreciation on the income statement
28
Depreciation on the tax return
(53)
(29)
(19)
(11)
Taxable income
$325
$369
$394
$437
Required - For December 31 of each year, determine (a) the temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account.
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