Question: Wildhorse Inc. ' s only temporary difference at the beginning and end of 2 0 2 4 is caused by a ( $

Wildhorse Inc.'s only temporary difference at the beginning and end of 2024 is caused by a \(\$ 3.33\) million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2025 and 2026. The related deferred tax liability at the beginning of the year is \(\$ 999,000\). In the third quarter of 2024, a new tax rate of \(20\%\) is enacted into law and is scheduled to become effective for 2026. Taxable income for 2024 is \(\$ 5,550,000\), and taxable income is expected in all future years. (a) Your answer is incorrect. Determine the amount reported as a deferred tax liability at the end of 2024. Deferred tax liability \(\$ \)
Wildhorse Inc. ' s only temporary difference at

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