Taxes
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Viking Corporation reported depreciation of $250,000 on its 2005 tax return. However, in its 2005 income statement, Viking reported depreciation of $100,000. The difference in depreciation is a temporary difference that will reverse over time. Assuming Viking's tax rate is constant at 30 percent, what amount should be added to the deferred income tax liability in Viking's December 31, 2005, balance sheet?
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Solution Summary
This solution provides assistance determining the deferred income tax liability for Viking Corp.
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