s) In 2022, Demeter, Inc. reported depreciation expense of $1,279,000 and depreciation for tax purposes of $1,534,800. This was the only temporary difference between GAAP and tax and it will reverse equally over the next three years. Assume that the enacted income tax rates are 25% for 2022, 25% for 2023 and 30% for 2024 and 2025. What will Demeter, Inc. report as a deferred tax liability on its 2022 balance sheet? ( 5) O $63,950 O $51,160 O $72,477 O $76,740

s) In 2022, Demeter, Inc. reported depreciation expense of $1,279,000 and depreciation for tax purposes of $1,534,800. This was the only temporary difference between GAAP and tax and it will reverse equally over the next three years. Assume that the enacted income tax rates are 25% for 2022, 25% for 2023 and 30% for 2024 and 2025. What will Demeter, Inc. report as a deferred tax liability on its 2022 balance sheet? ( 5) O $63,950 O $51,160 O $72,477 O $76,740

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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