# Headland Inc.’s only temporary difference at the beginning and end of 2019 is caused by a $3,150,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is$1,260,000. In the third quarter of 2019, a new tax rate of 20% is enacted into law and is scheduled to become effective for 20

Headland Inc.’s only temporary difference at the beginning and end of 2019 is caused by a $3,150,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is$1,260,000. In the third quarter of 2019, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2021. Taxable income for 2019 is $5,250,000, and taxable income is expected in all future years. Determine the amount reported as a deferred tax liability at the end of 2019. Indicate proper classification(s) ## Answers #### Similar Solved Questions 1 answer ### Please help me anyone please and thank you Please help me anyone please and thank you... 1 answer ### HELP ASAP!!!!!!!!!!!!!!!!!! HELP ASAP!!!!!!!!!!!!!!!!!!... 1 answer ### What was one main cause of the Age of Exploration? A) The great awakening B) The dark ages C) The crusades D) The roaring twenties what was one main cause of the Age of Exploration? A) The great awakening B) The dark ages C) The crusades D) The roaring twenties... 1 answer ### HELP HELP PLS What was the outcome of the Spanish-American War? A: The united states gained Cuba and Bahamas. B: The united states gained the Philippines, Puerto Rico, and Guam C: The united states gained Alaska and Hawaii D: The united states gained Panama and Columbia HELP HELP PLS What was the outcome of the Spanish-American War? A: The united states gained Cuba and Bahamas. B: The united states gained the Philippines, Puerto Rico, and Guam C: The united states gained Alaska and Hawaii D: The united states gained Panama and Columbia... 1 answer ### A salesman keeps 20%of his sales as a commision. How much does he have to sell to earn$1000

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