Blossom Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. Profits of $1070000 recognized for books in 2024 will be collected in the following years: 2025 2026 2027 Collection of Profits $174000 $374000 $522000 The enacted tax rates are: 30% for 2024, 25% for 2025, and 20% for 2026 and 2027. Taxable income is expected in all future years. What amount should be included in the December 31, 2024 balance sheet for the deferred tax liability related to the above temporary difference? $43500 $179200 $222700 $321000

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.