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Lellise 1014 (Sall, lalable income given, calculate delerred tax liability from book-tax dif [LO16-2] Ayres Services acquired an asset for $80 million in 2021. The

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Lellise 1014 (Sall, lalable income given, calculate delerred tax liability from book-tax dif [LO16-2] Ayres Services acquired an asset for $80 million in 2021. The asset is depreciated for financial reporting purposes over straight-line basis no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate Amounts for pretax accounting income. cepreciation, and taxable income in 2021 2022 2023 and 2024 are as follows Pretax accounting income Depreciation on the income statement Depreciation on the tax return Taxable income 2821 $33e 2e (25) $325 (s in millions) 2022 2e23 2024 $350 $365 $400 22 2a 20 33 (15) (7) $337 $370 $413 Required: For December 31 of each year, determine (a) the cumulative temporary book-tax difference for the depreciable asset and (6 balance to be reported in the deferred tax liability account. (Leave no cell blank, enter "o" wherever applicable. Enter you in millions rounded to 2 decimal places (i... 5,500,000 should be entered as 5.50).) Answer is complete but not entirely correct. Cumulative Temporary Difference Deletred Tax Liability Beginning of 2021 End of 2021 End of 2022 S 0.00 $ 5.00 $ 18.00 S 000 $ 200 X $ 7.20 End of 2023 IS 1300 s 520 End of 2024 S 30 0.00

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