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In its 2017 income statement, Noll corp. reported depreciation of $420,000. Noll reported depreciation of...

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Accounting

In its 2017 income statement, Noll corp. reported depreciation of $420,000. Noll reported depreciation of $540,000 on its 2017 income tax return. The difference in depreciation is the only temporary difference, and it will reverse equally over the next 3 years. Assume that the enacted income tax rates are 40% of 2017, 35% for 2018, and 25% for 2019 and beyond. What amount should be included in the deferred income tax liability in Noll's December 31, 2018, balance sheet?

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