Question: Pharoah Inc.'s only temporary difference at the beginning and end of 2022 is caused by a $2.24 million deferred gain for tax purposes for an



Pharoah Inc.'s only temporary difference at the beginning and end of 2022 is caused by a $2.24 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable is due in equal installments in 2023 and 2024. The related deferred tax liability at the beginning of the year is $896,000. In the third quarter of 2022, a new tax rate of 34% is enacted into law and is scheduled to become effective for 2024. Taxable income for 2022 is $5,600,000, and taxable income is expected in all future years. (a) Your answer is correct. Determine the amount reported as a deferred tax liability at the end of 2022. Deferred tax liability $ 828800 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above
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