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Homework answers / question archive / Calculate the deferred tax liability given the following items incurred in 2020 by Company B

Calculate the deferred tax liability given the following items incurred in 2020 by Company B

Accounting

Calculate the deferred tax liability given the following items incurred in 2020 by Company B. Dividend income is not recognized for tax purposes. Bonuses are tax deductible only in the year in which they are paid.

Accounting Income

$86,000

Depreciation Expense

$6,500

Tax Depreciation

$4,000

Dividend Income

$4,700

2019 Bonus Paid in 2020

$2,630

Accrued Bonuses in 2020

$3,500

Tax Rate

28%

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