• The company uses straight line depreciation for book and MACRS depreciation for the tax return
• MACRS depreciation was $209,301 higher than book. Prepare the adjusting entry for the
• deferred tax.
• There have been recent tax structure changes that could impact the company. Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).

Need help working out this adjusting entry.

Thanks.