Business, 07.08.2021 03:00 lilquongohard
The Pink Diamonds Company installs fire alarm systems for large manufacturing enterprises and golf courses. Due to the design of their systems, some projects frequently extend over a two-year period. Pink Diamonds uses the percentage-of-completion method for financial accounting purposes and the completed-contract method for tax purposes. As of December 31, 2019, all projects were completed. The following information relates to projects started but not completed as of December 31, 2020:
Income Recognized in 2020
Customer Contract Amount for Accounting Purposes
The Mountain Golf Course $150,000 $ 0
Forest Hills Golf Course 200,000 80,000
Geneva Farm Golf Course 300,000 220,000
Assuming an income tax rate of 30%, what amount should be included in the deferred tax liability account at December 31, 2020?
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