assume that maddox corporation buys new equipment for $15,000 on january 1, 2021. depreciation for book purposes using the sl method is $3,000 per year. for tax purposes syd is used with depreciation of $5,000 in 2021 and $4,000 in 2022. depreciation is the only book-versus-tax difference. income before depreciation and taxes is $30,000 each year over the next five years and the statutory tax rate is 35% for 2021. the tax rate increased to 40% in 2022. the entry to record income tax for 2022 would include multiple choice question. a credit to deferred tax liability for $500 a debit to income tax expense for $9,100 a credit to income tax payable for $9,600 a debit to deferred tax liability for $500
