Based on the facts and results of Problem 41 and
Based on the facts and results of Problem 41 and the beginning-of-the-year book-tax basis differences listed below, determine the change in Relix’s deferred tax liabilities for the current year.
Beginning of Year
Building—accumulated depreciation ............ ($57,000)
Furniture & fixtures—accumulated depreciation ...... (4,200)
Subtotal ...................... ($61,200)
Applicable tax rate ................... x 34%
Gross deferred tax liability ............... ($20,808)
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help