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On January 1, 2021, Gore, Inc. purchased a machine for $2,250,000 which will be depreciated $225,000 per year for financial statement reporting purposes. For income
On January 1, 2021, Gore, Inc. purchased a machine for $2,250,000 which will be depreciated $225,000 per year for financial statement reporting purposes. For income tax reporting, gore deducted $200,000 of depreciation expense on its 2021 tax return. Assume a present and future enacted income tax rate of 20%.
What amount should be added to Gores deferred income tax liability for this temporary difference at December 31, 2021?
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