Question: Using a 21 percent rate: Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $31,000 temporary excess

Using a 21 percent rate:

  1. Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $31,000 temporary excess of book income over taxable income.
  2. Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in an $18,400 permanent excess of book income over taxable income.
  3. Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $55,000 temporary excess of taxable income over book income.

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