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    Reporting Deferred Tax Liability

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    Murphy Corporation began operations in 2007 and reported pretax financial income of $225,000 for the year.
    Murphy's tax depreciation exceeded its book depreciation by $30,000. Murphy's tax rate for 2007 and years thereafter is 30%.
    In its December 31, 2007 balance sheet, what amount of deferred tax liability should be reported?

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    https://brainmass.com/business/accounting/deferred-tax-liability-188896

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    BE 19-2
    Murphy Corporation began operations in 2007 and reported pretax financial income of $225,000 for the ...

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    This solution provides answers for deferred tax liability in accounting.

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