Multiple temporary differences. The following information is available for the first three years of operations for Cooper Company: 1. Year Taxable Income 2010 $500,000 2011 330,000 2012 400,000 2. On January 2, 2010, heavy equipment costing $600,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: Tax Depreciation 2010 2011 2012 2013 Total $198,000 $270,000 $90,000 $42,000 $600,000 3. On January 2, 2011, $240,000 was collected in advance for rental of a building for a three-year period. The entire $240,000 was reported as taxable income in 2011, but $160,000 of the $240,000 was reported as unearned revenue at December 31, 2011 for book purposes. 4. The enacted tax rates are 40% for all years. Instructions (b) Determine the deferred tax (asset) or liability at the end of 2010. (c) Prepare a schedule of future taxable and (deductible) amounts at the end of 2011. (d) Prepare a schedule of the deferred tax (asset) and liability at the end of 2011. (e) Compute the net deferred tax expense (benefit) for 2011