Question: Please explain the correct approach for solving this financial accounting question. Harbor Technologies has a taxable income of $2,200,000 and a pre-tax accounting income of

Please explain the correct approach for solving this financial accounting question.

Harbor Technologies has a taxable income of $2,200,000 and a pre-tax accounting income of $2,000,000 in the current accounting period. The company faces a tax rate of 25%. What is the tax liability that appears on the balance sheet for this year

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