Business, 20.10.2021 14:00 SKSKSKSKGKUFHjk

Brown and Lowery, Inc. reported $470 million in income before income taxes for 2020, 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 2020 was 35%, but the enacted rate for years after 2020 is 40%. The balance in the deferred tax liability in the December 31, 2020, balance sheet is:. A. $8.0 million
B. $17.5 million
C. $20.0 million
D. $28.0 million

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