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G.3) In its first year of operations (2021), GX reported $700 million in income before income taxes. Tax depreciation exceeded accounting depreciation by $50 million.
G.3) In its first year of operations (2021), GX reported $700 million in income before income taxes. Tax depreciation exceeded accounting depreciation by $50 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2021 was 25%, but the enacted rate after 2021 is 30%. The balance in the deferred tax liability in the December 31, 2021, balance sheet is:
What would the entry be to record this transcation?
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