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Please help, cannot figure out why the answer is 50. Thanks! On January 2, 2021, Geller-Bing Co. purchased a machine for $1200. This machine has
Please help, cannot figure out why the answer is 50. Thanks!
| On January 2, 2021, Geller-Bing Co. purchased a machine for $1200. This machine has a 4-year useful life, a residual value of $200, and is depreciated using the straight-line method for financial statement purposes. For tax purposes, depreciation expense is $500 per year for 2021 and 2022. The company's tax rate is 12% in 2021 and 2022, but will be 20% in 2023 and 2024. How much deferred tax liability should the company record in 2021? |
5 o/1 point On January 2, 2021, Geller-Bing Co. purchased a machine for $1200. This machine has a 4-year useful life, a residual value of $200, and is depreciated using the straight-line method for financial statement purposes. For tax purposes, depreciation expense is $500 per year for 2021 and 2022. The company's tax rate is 12% in 2021 and 2022, but will be 20% in 2023 and 2024. How much deferred tax liability chould the company record in 2021? O 50 O 60 O 24 O 100 X (no answer) Correct Answer: 50
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Residential Energy Auditing And Improvement
Authors: Stan Harbuck, Donna Harbuck
1st Edition
8770229252, 978-8770229258
