Multiple Choice Question 87 A reconciliation of Gentry Company's pretax accounting income with its taxable...
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Multiple Choice Question 87 A reconciliation of Gentry Company's pretax accounting income with its taxable income for 2014, its first year of operations, is as follows: Pretax accounting income $3,000,000 Excess tax depreciation (150,000) Taxable income $2,850,000 The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 40% in 2014, 35% in 2015 and 2016, and 30% in 2017. The total deferred tax liability to be reported on Gentry's balance sheet at December 31, 2014, is
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