Current Attempt in Progress Sunland Inc's only temporary difference at the beginning and end...

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Accounting

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Sunland Inc's only temporary difference at the beginning and end of 2024 is caused by a $3.57 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal instaliments in 2025 and 2026. The related deferred tax liability at the beginning of the year is $1,071,000. In the third quarter of 2024, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2026. Taxable income for 2024 is $5,950,000, and taxable income is expected in all future years.
(a)
Determine the amount reported as a deferred tax liability at the end of 2024.
Deferred tax liability $
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