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time sensitive, just need answer quickly please/thanks D Question 3 2 pts Maxie Corp. purchases equipment for $400,000 on 1/1/17. The equipment is expected to
time sensitive, just need answer quickly please/thanks
D Question 3 2 pts Maxie Corp. purchases equipment for $400,000 on 1/1/17. The equipment is expected to have an eight year life with a residual value of $40,000 for both financial reporting and tax Maxie uses straight line depreciation for financial reporting and accelerated depreciation for tax purposes. Maxie reported Income before depreciation of $500,000 for both 2017 & 2018. For those tax years, Maxie reported the following depreciation deductions: Taxlacce) Financial S) $100,000 $75,000 2017 $45,000 $45,000 2018 If Maxie Corp has an income tax rate of 40%, which of the following would appear on Maxie's 12/31/2018 Balance Sheet? Income Tax Expense $182,000 Deferred Tax Liability $ 34,000 Deferred Tax Liability $ 22.000 Deferred Tax Asset $ 34,000
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