Easterwood Motors reported a net deferred tax liability of $45,000 and pretax financial statement income of $1,500,000 in its December 31, 2017, financial statements. Taxable income was $1,000,000 for 2018. At December 31, 2018, Easterwood had cumulative deductible differences of $350,000. Easterwood’s effective income tax rate is 40%. What should Easterwood report as the deferred portion of income tax expense on its December 31, 2018, income statement?
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Easterwood Motors reported a net deferred tax liability of $45,000 and pretax financial statement in...
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