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At the end of 2019. Concord Corporation reported a deferred tax liability of $43,000. At the end of 2020, the company had $245,000 of temporary
At the end of 2019. Concord Corporation reported a deferred tax liability of $43,000. At the end of 2020, the company had $245,000 of temporary differences related to property, plant, and equipment. Depreciation expense on this property, plant, and equipment has been lower than the CCA claimed on Concord's income tax returns. The resulting future taxable amounts are as follows: The tax rates enacted as of the beginning of 2019 are as follows: 31% for 2019 and 2020;30% for 2021 and 2022; and 25% for 2023 and later. Taxable income is expected in all future years. (a) Calculate the deferred tax account balance at December 31, 2020. Deferred tax Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be avallable when you complete the part above
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