Swifty Corporation recorded warranty accruals as at December 31, 2020 in the amount of $151,800. This reversing difference will cause deductible amounts of $50,300 in 2021, $36,000 in 2022, and $65,500 in 2023. No other reversing difference exists. Swifty’s accounting income for 2020 is $144,000 and $175,000 in each of 2021 and 2022 and the tax rate is 25%. There are no deferred tax accounts at the beginning of 2020. Swifty Corporation was informed on December 31, 2021 that the enacted rate for 2022 and subsequent years is 28%. 

Calculate the deferred tax balances at December 31, 2021, and 2022. 2021 2022 Deferred tax asset $ $ eTextbook and Media List of Accounts

 Calculate taxable income and income tax payable for 2021 and 2022. 2021 2022 Taxable income $ $ Income tax payable $ $

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Deferred tax asset A deferred tax asset is an item on the bal... View the full answer