Cullumber Corporation purchased a machine on January 2, 2020, for $4100000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes:
2020 $800,000
2023 $460,000
2021 1,280,000
2024 460,000
2022 768,000
2025 232,000
Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Lehman's balance sheet at December 31, 2021 be:
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Cullumber Corporation purchased a machine on January 2, 2020, for $4100000. The machine has an estim...
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