15 Feb Bobby James Puppet Company acquired a new plastic
Bobby James Puppet Company acquired a new plastic molding machine at the beginning of the current year at a cost of $ 420,000. The asset has a six- year useful life for financial reporting purposes and is depreciated on a straight- line basis with no residual value expected at the end of its useful life. The company uses the double- declining balance method on its income tax returns. The company is subject to a 34% tax rate. Compute the deferred tax portion of the income tax expense for the first two years.