Business, 03.09.2020 01:01 yungnoaweo4209
Duncan 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 $1,200,000 recognized for books in 2020 will be collected in the following years: Collection of Profits 2021 $200,000 2022 $400,000 2023 $600,000 The enacted tax rates are: 30% for 2020, 25% for 2021, and 20% for 2022 and 2023. Taxable income is expected in all future years. What amount should be included in the December 31, 2020, balance sheet for the deferred tax liability related to the above temporary difference
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