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Please assist with the following. Thank you. Monty Corporation has a cumulative temporary difference related to depreciation of $528,000 at December 31, 2020. This difference
Please assist with the following. Thank you.
Monty Corporation has a cumulative temporary difference related to depreciation of $528,000 at December 31, 2020. This difference will reverse as follows: 2021, $37,000; 2022, $236,000; and 2023, $255,000. Enacted tax rates are 17% for 2021 and 2022, and 20% for 2023. Compute the amount Monty should report as a deferred tax liability at December 31, 2020.
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