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At December 31, 2024, Blossom Company had a net deferred tax liability of $408,500. An explanation of the items that compose this balance is as
At December 31, 2024, Blossom Company had a net deferred tax liability of $408,500. An explanation of the items that compose this balance is as follows. In analyzing the temporary differences, you find that $33,000 of the depreciation temporary difference will reverse in 2025 , and $114,200 of the temporary difference due to the installment sale will reverse in 2025 . The tax rate for all years is 20%. Indicate the manner in which deferred taxes should be presented on Blossom Company's December 31, 2024, balance sheet
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