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A reconciliation of Cullumber Company's pretax accounting income with its taxable income for 2 0 2 5 , its first year of operations, is as
A reconciliation of Cullumber Company's pretax accounting income with its taxable income for its first year of operations, is as follows:
Pretax accounting income $
Excess tax depreciation
Taxable income $
The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are in in and and in The total deferred tax liability to be reported on Cullumber's balance sheet at December is
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