At the end of 2022, Swifty Corporation reported a deferred tax liability of $47,800. At the...

Transcribed Image Text:

At the end of 2022, Swifty Corporation reported a deferred tax liability of $47,800. At the end of 2023, the company had $245,000 of temporary differences related to property, plant, and equipment. Depreciation expense on this property, plant, and equipment has been lower than the CCA claimed on Swifty's income tax returns. The resulting future taxable amounts are as follows: 2024 $79,000 2025 64,000 2026 55,000 2027 47.000 $245,000 The tax rates enacted as of the beginning of 2022 are as follows: 31% for 2022 and 2023; 30% for 2024 and 2025; and 25% for 2026 and later. Taxable income is expected in all future years. SUPP Calculate the deferred tax account balance at December 31, 2023. Deferred tax liability eTextbook and Media $ At the end of 2022, Swifty Corporation reported a deferred tax liability of $47,800. At the end of 2023, the company had $245,000 of temporary differences related to property, plant, and equipment. Depreciation expense on this property, plant, and equipment has been lower than the CCA claimed on Swifty's income tax returns. The resulting future taxable amounts are as follows: 2024 $79,000 2025 64,000 2026 55,000 2027 47.000 $245,000 The tax rates enacted as of the beginning of 2022 are as follows: 31% for 2022 and 2023; 30% for 2024 and 2025; and 25% for 2026 and later. Taxable income is expected in all future years. SUPP Calculate the deferred tax account balance at December 31, 2023. Deferred tax liability eTextbook and Media $