Information for Kent Corporation for the year 2024: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences Temporary difference-depreciation Taxable income $ 178,700 (15,200) 163,500 (12,500) $ 151,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Information for Kent Corporation for the year 2024:
Reconciliation of pretax accounting income and taxable income:
Pretax accounting income
Permanent differences
Temporary difference-depreciation
Taxable income
$ 178,700
(15,200)
163,500
(12,500)
$ 151,000
Cumulative future taxable amounts all from depreciation temporary differences:
As of December 31, 2023
As of December 31, 2024
$ 14,200
$ 26,700
The enacted tax rate was 25% for 2023 and thereafter.
What should be the balance in Kent's deferred tax liability account as of December 31, 2024?
Transcribed Image Text:Information for Kent Corporation for the year 2024: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences Temporary difference-depreciation Taxable income $ 178,700 (15,200) 163,500 (12,500) $ 151,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2023 As of December 31, 2024 $ 14,200 $ 26,700 The enacted tax rate was 25% for 2023 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2024?
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