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Coronado Corporation has a cumulative temporary difference related to depreciation of $611,000 at December 31,...

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Accounting

Coronado Corporation has a cumulative temporary difference related to depreciation of $611,000 at December 31, 2020. This difference will reverse as follows: 2021, $47,000; 2022, $227,000; and 2023, $337,000. Enacted tax rates are 17% for 2021 and 2022, and 20% for 2023. Compute the amount Coronado should report as a deferred tax liability at December 31, 2020.

Deferred tax liability at December 31, 2020

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