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Stone Co. began operations in 2011 and reported $225,000 in income before income taxes for the year. Stone’s 2011 tax depreciation exceeded its book depreciation by $25,000. Stone also had nondeductible book expenses of $10,000 related to permanent differences. Stone’s tax rate for 2011 was 40%, and the enacted rate for years after 2011 is 35%. In its December 31, 2011, balance sheet, what amount of deferred income tax liability should Stone report?
a. $ 8,750
b. $10,000
c. $12,250
d. $14,000

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