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Crane Corporation has a cumulative temporary difference related to depreciation of $538,000 at December 31, 2020. This difference will reverse as follows: 2021, $48,000,
Crane Corporation has a cumulative temporary difference related to depreciation of $538,000 at December 31, 2020. This difference will reverse as follows: 2021, $48,000, 2022, $266,000; and 2023, $224,000. Enacted tax rates are 17% for 2021 and 2022, and 20% for 2023, Compute the amount Crane should report as a deferred tax liability at December 31, 2020. Deferred tax liability at December 31, 2020 $
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