A reconciliation of Gentry Company's pretax accounting income with its taxable income for 2021, its...
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Accounting
A reconciliation of Gentry Company's pretax accounting income with its taxable income for 2021, its first year of operations, is as follows: Pretax accounting income $4,500,000 Excess tax depreciation (225,000) Taxable income $4,275,000 's balance sheet at December 31, 2021, isGentryThe excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 30% in 2021, 25% in 2022 and 2023, and 20% in 2024. The total deferred tax liability to be reported on
$52,500.
$67,500.
$45,000.
$56,250.
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