For calendar year 3, Clark Corp. had depreciation of $300,000 on its income statement. On its Year 3 tax return, Clark had depreciation of $500,000. Clark's income statement also included $50,000 accrued warranty expense that will be deducted for tax purposes when paid in a future year. Clark's enacted tax rates are 30% for Year 3 and 25% for future years. These were Clark's only temporary differences. In Clark's Year 3 income statement, the deferred portion of its provision for income taxes should be:
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Home » Business » For calendar year 3, Clark Corp. had depreciation of $300,000 on its income statement. On its Year 3 tax return, Clark had depreciation of $500,000.