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What amount of deferred tax liability should smith report

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Reference no: EM132931039

Smith Company reported $350,000 in book income before income tax during 20X1, its first year of operation. The tax depreciation exceeded its book depreciation by $30,000. The tax rate for 20X1 and all future years was 21%.

Problem 1: What amount of deferred tax liability should Smith report in its December 31, 20X1, balance sheet?

Reference no: EM132931039

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