Current Attempt in Progress

Sheffield Inc. has two temporary differences at the end of $2019.$ The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Sheffield's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.

$\backslash$table$[[,2020,2021,2022,2023],[\backslash$table$[[$Taxable amounts$],[$Deductible amounts$]],$$$37,700,\backslash$table$[[\backslash$table$[[$$$50,000$

Sheffield Inc. has two temporary differences at the end of $2019.$ The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Sheffield's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.

As of the beginning of $2019,$ the enacted tax rate is $34\%$ for $2019$ and $2020,$ and $20\%$ for $2021-2024.$ At the beginning of $2019,$ the company had no deferred income taxes on its balance sheet. Taxable income for $2019$ is $$458,000.$ Taxable income is expected in all future years.

$($a$)$

Blossom Inc. has two temporary differences at the end of $2019.$ The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Blossom's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.

$\backslash$table$[[,2020,2021,2022,2023],[\backslash$table$[[$Taxable amounts$],[$Deductible amounts$]],$$$42,800,$$$52,900,$$$56,700,$$$82,400$