22) Jersey Company provided the following information on selected transactions during 2021:

Dividends paid to preferred stockholders $ 420,000

Proceeds from issuing bonds 1,600,000

Proceeds from issuing preferred stock 1,800,000

Proceeds from sale of equipment 80,000

Purchases of inventories 2,400,000

Purchase of land by issuing bonds 520,000

Purchases of treasury stock 980,000

The net cash provided (used) by investing activities during 2021 is ________

23) Income before taxes or taxable income can be used to compute income tax payable. (answer True or False)

24) Future taxable amounts are temporary differences that result in deferred tax liabilities. (answer True or False)

25) Deferred tax assets are the result of temporary differences that result in future deductible amounts. (answer True or False)

26) Interest from tax exempt municipal bonds cause financial accounting income to be greater than taxable income. (answer True or False)

27) Rent collected in advance is an example of a temporary difference which will give rise to a deferred tax asset. (answer True or False)

28) York Company reported the following results for the year ended December 31, 2021, its first year of operations:

2021

Income (per books before income taxes) $ 1,800,000

Taxable income 3,400,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2022. What should York 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 30% in 2021 and 20% in 2022?