\$30,000 in rent from a tenant for 3 years 2021 , 2022 , and 2023. The entire amount was taxed when received in 2021 but the amount is earned equally over the 3 years for accounting purposes. On January 1 , 2021 Regal Co. received the 3 years for accounting purposes . The tax rate in 2021 is 25 % and a new tax rate of 20 % was enacted in December 2021 for future years beginning in 2022 . QUESTION On December 31 , 2021 , the balance sheet for Regal Co. would show what amount for Deferred Tax ? Select one : \$4,000 a Deferred tax liability for b . Deferred tax asset for $ 4,000 c Deferred tax asset for $ 5,000 \$5,000 Deferred tax liability for $5000.