Question - William co 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 year after year 3 what is the deferred tax reported on William's December 31, year 3 balance sheet?
a- 15,000 deferred tax asset
b- 15,000 deferred tax liability
c- 20,000 deferred tax asset
d- 20,000 deferred tax liability