Clipp, inc., earns book net income before tax of $600,000. clipp puts into service a depreciable asset this year, and first year tax depreciation exceeds book depreciation by $120,000. clipp has recorded no other temporary or permanent book-tax differences. assuming that the u. s. tax rate is 21%, what is clipp’s deferred income tax liability reported on its gaap financial statements?
a.$126,000b.$151,200c.$100,800d.$25 ,200