Solved: Amount of deferred tax liability, Accounting Basics

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Amount of deferred tax liability

Problem:

Murphy Corporation began operations in 2007 and reported pretax financial income of $225,000 for the year.

Murphy's tax depreciation exceeded its book depreciation by $30,000. Murphy's tax rate for 2007 and years thereafter is 30%.

In its December 31, 2007 balance sheet, what amount of deferred tax liability should be reported?

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Accounting Basics: Amount of deferred tax liability

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Accounting Basics: Amount of deferred tax liability

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