Business, 02.04.2020 02:33 mcadoo774

Brown and Lowery, Inc. reported $470 million in income before income taxes for 2016, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $50 million. The firm also had non-tax-deductible expenses of $20 million relating to permanent differences. The income tax rate for 2016 was 35%, but the enacted rate for years after 2016 is 40%. The balance in the deferred tax liability in the December 31, 2016, balance sheet is:

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Brown and Lowery, Inc. reported $470 million in income before income taxes for 2016, its first year...

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