Giada Foods reported $940 million in income before income taxes for 2013, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2013 was 35%, but the enacted rate for years after 2013 is 40%. The balance in the deferred tax liability in the December 31, 2013, balance sheet is:

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The Answer of Giada Foods reported $940 million in income before income taxes for 2013, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2013 was 35%, but the enacted rate for years after 2013 is 40%. The balance in the deferred tax liability in the December 31, 2013, balance sheet is:

Giada Foods Reported $940 Million in Income Before Income Taxes