Based on the facts and results of Problem 49 and the beginning-of-the-year book-tax basis…

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

Based on the facts and results of Problem 49 and the beginning-of-the-year book-tax basis differences listed below, determine the change in Kantner’s deferred tax liabilities for the current year.

Beginning of Year

Building—accumulated depreciation ……….. ($62,000)

Furniture & fixtures—accumulated depreciation …… (400)

Subtotal …………………. ($62,400)

Applicable tax rate ………………. x 34%

Gross deferred tax liability ……………. ($21,216)