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Novotna incis only temporary difference at the beginning and end of 2019 is caused by...

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Accounting

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Novotna incis only temporary difference at the beginning and end of 2019 is caused by a $3,000,000 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 corrent asset) is duc in equal installments in 2000 and 2021 . The retited deferred tax liability at the beginning of the year is $1,200,000. In the third quatter of 2019, a new tax rate of 2016 is enacted into law and is schectuled to become effective for 2021 . Tavableincome for 2019 is $5,000,000. and taxable incorre is expected in all future years. Novotna Inc's Income Statement (Partial)

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