Black, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% corporate tax rate and no valuation allowance. $Black, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% corporate tax rate and no valuation allowance. Black, Inc.'s, gross deferred tax assets and liabilities at the beginning of Black's year are listed below. \begin{array}{ll}&\text { Beginning of Year }\\ \text { Accrued litigation expense } & \$ 20,000 \\ \text { Subtotal } & \$ 20,000 \end{array} Black, Inc.'s, book income before tax is $6,000. Black records two permanent book-tax differences. It earned $250 in tax-exempt municipal bond interest and incurred $500 in nondeductible business meals expense. Determine the change in Black's deferred tax liabilities for the current year.$ Black, Inc.'s, gross deferred tax assets and liabilities at the beginning of Black's year are listed below.

\begin{array}{ll}&\text { Beginning of Year }\\\text { Accrued litigation expense } & \$ 20,000 \\\text { Subtotal } & \$ 20,000\end{array}

$Black, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Assume a 21% corporate tax rate and no valuation allowance. Black, Inc.'s, gross deferred tax assets and liabilities at the beginning of Black's year are listed below. \begin{array}{ll}&\text { Beginning of Year }\\ \text { Accrued litigation expense } & \$ 20,000 \\ \text { Subtotal } & \$ 20,000 \end{array} Black, Inc.'s, book income before tax is $6,000. Black records two permanent book-tax differences. It earned $250 in tax-exempt municipal bond interest and incurred $500 in nondeductible business meals expense. Determine the change in Black's deferred tax liabilities for the current year.$
Black, Inc.'s, book income before tax is $6,000. Black records two permanent book-tax differences.
It earned $250 in tax-exempt municipal bond interest and incurred $500 in nondeductible business meals expense. Determine the change in Black's deferred tax liabilities for the current year.

A GAAP Financial Statement Includes Footnotes That

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