Current Attempt in Progress

Crane Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of

accounting for income tax purposes. Profits of $$1080000$ recognized for books in $2024$ will be collected in the following years:

The enacted tax rates are: $30\%$ for $2024,25\%$ for $2025,$ and $20\%$ for $2026$ and $2027.$ Taxable income is expected in all future years.

What amount should be included in the December $31,2024$ balance sheet for the deferred tax liability related to the above temporary

difference?

$$44000$

$$224800$

$$180800$

$$324000$