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Sheffield Corporation began operations in 2020 and reported pretax financial income of $236,000 for the year. Sheffields tax depreciation exceeded its book depreciation by $32,000.
Sheffield Corporation began operations in 2020 and reported pretax financial income of $236,000 for the year. Sheffields tax depreciation exceeded its book depreciation by $32,000. Sheffields tax rate for 2020 and years thereafter is 30%. In its December 31, 2020, balance sheet, what amount of deferred tax liability should be reported?
Deferred tax liability to be reported | $ |
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