Brief Exercise 19-2

Pharoah Corporation began operations in 2017 and reported pretax financial income of $238,000 for the year. Pharoahs tax depreciation exceeded its book depreciation by $48,000. Pharoahs tax rate for 2017 and years thereafter is 30%. In its December 31, 2017, balance sheet, what amount of deferred tax liability should be reported?

Deferred tax liability to be reported

$