Blossom Corporation purchased a machine on January 2, 2024, for $3800000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2024 2025 2026 $760000 2027 1216000 2028 729600 2029 $0. O $6080. O $91200. O $85120. $437000 437000 220400 Assuming an income tax rate of 20% for all years, the net deferred tax liability reported on Blossom's balance sheet at December 31, 2025 is

Blossom Corporation purchased a machine on January 2, 2024, for $3800000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2024 2025 2026 $760000 2027 1216000 2028 729600 2029 $0. O $6080. O $91200. O $85120. $437000 437000 220400 Assuming an income tax rate of 20% for all years, the net deferred tax liability reported on Blossom's balance sheet at December 31, 2025 is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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