Business, 06.04.2021 01:50 lrc15

Giada Foods reported $900 million in income before income taxes for 2021, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $240 million. The company also had non-tax-deductible expenses of $64 million relating to permanent differences. The income tax rate for 2021 was 25%, but the enacted rate for years after 2021 is 30%. The balance in the deferred tax liability in the December 31, 2021, balance sheet is:

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Giada Foods reported $900 million in income before income taxes for 2021, its first year of operatio...

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