2 27) Interest from tax exempt municipal bonds is an example of a temporary difference which will result in a deferred tax liability. (answer True or False) 28) Warranty expense acerued on the income statement but not yet deducted on the tax report is an example of a temporary difference which will give rise to a deferred tax asset. (answer True or False) 29) Blue Sky Company reported the following results for the year ended December 31, 2021, its first year of operations: 2021 Income (per books before income taxes)$ 1,500,000 Taxable income 3,200,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2022. What shopld Blue Sky record as a net deferred tax asset or liability for the year ended December 31, 2021, assuming that the enacted tax rates in effect are 35% in 2021 and 20% in 2022? 30) Beta Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors: 2020 2021 Ending inventory $40,000 overstatement$60,000 overstatement Depreciation expense 15,000 overstatement30,000 overstatement Assume that the 2020 errors were not corrected and that no errors occurred in 2019. By what amount will 2020 income before income taxes be overstated or understated? 31) Jersey, Inc. had pre-tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Maine, Co. for 2022 $ 85,000 Depreciation for tax purposes in excess of book depreciation $60,000 Compute the deferred tax asset balance at December 31, 2021