24) Tax expense and tax payable will always be equal because debits must equal to credits. (answer True or False) 25) Hawk Co. provided the following information on selected transactions during 2021: Purchase of land by issuing bonds $1,300,000 Proceeds from issuing bonds 2,500,000 Purchases of inventory 3,800,000 Dividends paid to common stockholders 340,000 Proceeds from issuing preferred stock 1,600,000 Proceeds from sale of land 200,000 The net cash provided (used) by financing activities during 2021 is 20) Deferred tax assets affect both the income statement and the balance sheet. (answer True or False) 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 accrued 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: Income (per books before income taxes)S 1,500,000 Taxable income 3,200,000 2021 The disparity between book income and taxable income is attributable to a temporary W