William Company Reported 550 000 In Financial Book Income Before Taxes For Year
William Company reported $550,000 in financial (book) income before taxes for year 3. Tax depreciation for the year exceeded book depreciation by $50,000. The tax rate for Year 3 was 30%, and Congress enacted a tax rate of 40% for years after Year 3. What is the deferred tax reported on William’s December 31, Year 3, balance sheet?