Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2021. This
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Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2021. This difference will reverse as follows: 2022, $42,000; 2023, $244,000; and 2024, $294,000. Enacted tax rates are 34% for 2022 and 2023, and 40% for 2024. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2021.
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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