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Please answer in 30 minutes, will upvote if u answer. Kane Company reported depreciation of P450,000 on its 2020 tax return. However, in its 2020

Please answer in 30 minutes, will upvote if u answer.

Kane Company reported depreciation of P450,000 on its 2020 tax return. However, in its 2020 income statement, Kane reported depreciation of P350,000 as well as P30,000 interest revenue on tax-free bonds. The difference in depreciation is only a temporary difference, and it will reverse equally over the next three years. Kane's enacted income tax rates are as follows:

2020 ............................

35%

2021 ............................

30%

2022 ............................

25%

2023 ............................

25%

What amount should be included in the deferred income tax liability in Kane's December 31, 2020, balance sheet?

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