Use the following information for questions.
At the beginning of 2012, Pitman Co.purchased an asset for $600,000 with an estimated useful life of 5 years and an estimated residual value of $50,000.For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used.Pitman Co.'s tax rate is 40% for 2012 and all future years.
-Lehman Corporation purchased a machine on January 2, 2009, for $2,000,000.The machine has an estimated 5-year life with no residual value.The straight-line method of depreciation is being used for financial statement purposes and the following accelerated depreciation amounts will be deducted for tax purposes:

Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Lehman's statement of financial position at December 31, 2010, should be

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Use the following information for questions.
At the beginning of 2012, Pitman Co.purchased an asset for $600,000 with an estimated useful life of 5 years and an estimated residual value of $50,000.For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used.Pitman Co.'s tax rate is 40% for 2012 and all future years.
-Lehman Corporation purchased a machine on January 2, 2009, for $2,000,000.The machine has an estimated 5-year life with no residual value.The straight-line method of depreciation is being used for financial statement purposes and the following accelerated depreciation amounts will be deducted for tax purposes:

Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Lehman's statement of financial position at December 31, 2010, should be

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The Answer of Use the following information for questions.
At the beginning of 2012, Pitman Co.purchased an asset for $600,000 with an estimated useful life of 5 years and an estimated residual value of $50,000.For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used.Pitman Co.'s tax rate is 40% for 2012 and all future years.
-Lehman Corporation purchased a machine on January 2, 2009, for $2,000,000.The machine has an estimated 5-year life with no residual value.The straight-line method of depreciation is being used for financial statement purposes and the following accelerated depreciation amounts will be deducted for tax purposes:

Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Lehman's statement of financial position at December 31, 2010, should be

Use the Following Information for Questions