For Mary Lou and Ernie, the assets and liabilities and

For Mary Lou and Ernie, the assets and liabilities and the effective income tax rates at December 31, 2010, follow:

For Mary Lou and Ernie, the assets and liabilities and

Required
a. Compute the estimated tax liability on the differences between the estimated current value of the assets and liabilities and their tax bases.
b. Present a statement of financial condition for Mary Lou and Ernie at December 31, 2010.
c. Comment on the statement of financialcondition.

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