Use the following information to calculate the balance in the future income tax account for a machine

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Use the following information to calculate the balance in the future income tax account for a machine owned by the entity:

Cost of the machine when it was purchased.................................................$5,000,000

Total amount of CCA deducted since the machine was purchased..............2,305,000

Total amount of depreciation expensed

since the machine was purchased.....................................................................1,787,500

Tax rate.........................................................................................................................45%

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Financial Accounting A Critical Approach

ISBN: 978-1259066528

4th edition

Authors: John Friedlan

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Question Posted: Feb 26, 2015 11:45 AM

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Use the following information to calculate the balance in the future income tax account for a machine

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The balance in the future income tax account is a liability of 232875 U...View the full answer

Financial Accounting A Critical Approach

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