1. ABC corporation has the following activities that should generate book/tax differences in 2014: Purchased $100,000 of 5-year property. Straight-line depreciation is used for book purposes. (Assume year convention for both book and tax). Purchased $300,000 of 7-year property. $100,000 is immediately expensed under $179. Straight-line depreciation is used for book purposes. (Assume 1 year convention for both book and tax) Sold a piece of land held for investment, generating a $500,000 gain. The installment method was elected for tax purposes, resulting in % of the gain being recognized in the current and 25% in each of the next 2 years. Bad debt expense for book purposes is $20,000. These are all expected to occur within the next 12 months. Assuming a 25% federal tax rate, and a 6% state tax rate, how much of a deferred tax asset/liability would be generated from these activities