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For its first year of operations Triangle Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $200,000 Less: Permanent

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For its first year of operations Triangle Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $200,000 Less: Permanent difference 15,000 Subtotal 185,000 20,000 Less: Temporary difference - depreciation Taxable income 165,000 Triangle's tax rate is 40%. Assume that the company has paid no estimated taxes. What should Triangle report as deferred income tax liability at the end of its first year of operations? $14,000 $35,000 $20.000 $8.000

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