Help Save & Exit Submit 6 Homework Check my work Ayres Services acquired an asset for $112 million in 2021 The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 25% Amounts for pretax accounting Income depreciation, and taxable income in 2021 2022 2023 and 2024 are as follows: (5 in millions 2021 2022 2023 2024 Pretas accounting income Depreciation on the income statement Depreciation on the tax return 53) (29) (19) (11) Taxable income 5350 28 3370 28 $385 5420 28 28 $325 $369 $394 $437 Required: For December 31 of each year, determine {a) the cumulative temporary book tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. (Leave no cell blank, enter "o" wherever applicable. Enter your answers in millions rounded to 2 decimal place (le, 5,500,000 should be entered as 5.50). Bugunning of 2024 End of 2021 End of 2022 End of 2023 End of 2024 Cumulative Temporary Difference 2500 Deared Tax Lilly 5 0.00 s 0.00 $