Lehman corporation purchased a machine on january 2 2011, Ask an Expert

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Lehman Corporation purchased a machine on January 2, 2011, for $2,000,000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes:

2011 $400,00 2014 $230,000

2012 640,000 2015 230,000

2013 384,000 2016 116,000

Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Lehman's balance sheet at December 31, 2012, should be.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9946570

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