Business, 01.07.2021 19:20 bks53

Brown and Lowery, Inc. reported $470 million in income before income taxes for 2018, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $50 million. The firm also had non-tax-deductible expenses of $20 million relating to permanent differences. The income tax rate for 2018 was 35%, but the enacted rate for years after 2018 is 40%. The balance in the deferred tax liability in the December 31, 2018, balance sheet is: Multiple Choice $8.0 million $17.5 million $20.0 million $28.0 million

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Brown and Lowery, Inc. reported $470 million in income before income taxes for 2018, its first year...

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