Mocha-Cola has determined its tax liabilities for the year ending December 31, 2020. It estimates that its current taxes payable are $4,500,000. In addition, it will owe $500,000 of taxes in the year 2021 and 2022 related to income earned in 2020. The $500,000 is not payable this year because Mocha-Cola, deducts a higher amount of depreciation in 2020 for tax purposes, than it does for financial reporting purposes.

Assets	=	Liabilities	+	Stockholders Equity