assume that maddox corporation buys new equipment for $15,000 on january 1, 2021. depreciation for book purposes using the sl method is $3,000 per year. for tax purposes syd is used with depreciation of $5,000 in 2021 and $4,000 in 2022. depreciation is the only book-versus-tax difference. income before depreciation and taxes is $30,000 each year over the next five years and the statutory tax rate is 35% for 2021. the tax rate increased to 40% in 2022. calculate the increase in the deferred tax liability for 2022.

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06-12-2022
Business

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assume that maddox corporation buys new equipment for $15,000 on january 1, 2021. depreciation for book purposes using the sl method is $3,000 per year. for tax purposes syd is used with depreciation of $5,000 in 2021 and $4,000 in 2022. depreciation is the only book-versus-tax difference. income before depreciation and taxes is $30,000 each year over the next five years and the statutory tax rate is 35% for 2021. the tax rate increased to 40% in 2022. calculate the increase in the deferred tax liability for 2022.

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