Using the information below, what is the corporations net deferred tax liability and/or net deferred tax asset
Question:
Using the information below, what is the corporation’s net deferred tax liability and/or net deferred tax asset for 20x2? Provide each amount clearly labeled.
Book Tax Book Tax
Assets 20x2 20x2 20x1 20x1
Property, plant, and equipment 100,000 100,000 100,000 100,000
Accumulated depreciation 12,000 50,000 6,000 30,000
Net PPE 88,000 50,000 94,000 70,000
Liabilities Warranty payable 20,000 0 5,000 0
