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