Problem 1: For each of the following items, indicate whether it a. involves a Permanent (P) or Temporary (T) difference between financial and taxable income b. represents a Future Deductible Amount (FDA) or a Future Taxable Amount (FTA) or Neither (N) c. will lead to a Deferred Tax Asset (DTA) or a Deferred Tax Liability (DTL) or Neither (N) Por T FDA, FTA, DTA, DTL or N or N Rents received in advance are credited to unearned revenue, but taxed when money is collected. An estimated loss on a lawsuit was recorded for financial purposes but deducted on the tax return when paid. A fine for an EPA violation was paid. Accelerated depreciation is used for tax purposes. Straight-line is used for financial purposes. Warranty expense is accrued for financial purposes but deducted when paid for tax purposes. Premiums are paid on life insurance policies for key officers of the corporation. Interest is received from investments in municipal bonds. An unrealized gain on available-for-sale investments is recorded for financial purposes. Life insurance proceeds are collected on the death of a key officer