In the notes to its Year 8 financial statements, Joli Roma corp. (the Company), a major...

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In the notes to its Year 8 financial statements, Joli Roma corp. (the Company), a major U.S. oil producer, provides the following disclosure regarding the deferred tax asset and liability accounts at December 31 of Year 8. $ millions Depreciation Depletion Intangible drilling costs Other deferred tax liabilities Total Employee benefit plans Tax loss carryforwards Tax credit carryforwards Environmental liabilities Other deferred tax assets Total Asset (Liability) $(1,295) (515) (871) (823) (3,504) 638 769 442 139 767 2,755 (749) (978) $(1,727) Total before valuation allowance Valuation allowance Total-net Required a. What is the total of deferred tax liability at December 31 of Year 8? What is the total of deferred tax asset? What is the net amount of deferred tax asset or liability reported on the Company's December 31 of Year 8 balance sheet? *Note: Do not use a negative sign with your answers. Total deferred tax liability at December 31 of Year 8: $ 0 Total deferred tax asset at December 31 of Year 8: $ 0 Net amount reported December 31 of Year 8: million. million. of $ 0 million. b. Assuming a federal tax rate of 35%, estimate the amount of temporary difference arising from GAAP versus tax differences for depreciable assets that exists for the Company at December 31 of Year 8. •Note: Round your answer to the nearest million dollars. Estimated amount of temporary difference arisising from GAAP versus tax differences for depreciable assets: $ 0 million. In the notes to its Year 8 financial statements, Joli Roma corp. (the Company), a major U.S. oil producer, provides the following disclosure regarding the deferred tax asset and liability accounts at December 31 of Year 8. $ millions Depreciation Depletion Intangible drilling costs Other deferred tax liabilities Total Employee benefit plans Tax loss carryforwards Tax credit carryforwards Environmental liabilities Other deferred tax assets Total Asset (Liability) $(1,295) (515) (871) (823) (3,504) 638 769 442 139 767 2,755 (749) (978) $(1,727) Total before valuation allowance Valuation allowance Total-net Required a. What is the total of deferred tax liability at December 31 of Year 8? What is the total of deferred tax asset? What is the net amount of deferred tax asset or liability reported on the Company's December 31 of Year 8 balance sheet? *Note: Do not use a negative sign with your answers. Total deferred tax liability at December 31 of Year 8: $ 0 Total deferred tax asset at December 31 of Year 8: $ 0 Net amount reported December 31 of Year 8: million. million. of $ 0 million. b. Assuming a federal tax rate of 35%, estimate the amount of temporary difference arising from GAAP versus tax differences for depreciable assets that exists for the Company at December 31 of Year 8. •Note: Round your answer to the nearest million dollars. Estimated amount of temporary difference arisising from GAAP versus tax differences for depreciable assets: $ 0 million.

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