4 If income tax expense reported on the income statement is $47,100 for 2019, and the tax return for 2019 (the first year) shows an income tax liability of $45,150, the deferred income tax on the balance sheet at the end of 2019 will be which of the following? Assume a 21% tax rate. Skipped Multiple Choice A $6,450 liability. A $1,950 asset. A $6,450 asset. A $1,950 liability. 14 Alden Trucking Company is replacing part of its fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2019. Alden financed $37,908,000, and the note agreement will require $10 million in annual payments starting on December 31, 2019 and continuing for a total of four more years (final payment December 31, 2023). Kenworthy will charge Alden Trucking Company the market interest rate of 10% compounded annually After the first payment was made, the note payable liability on December 31, 2019 is closest to: Multiple Choice $32,908,000 $31,698,800 o o o o $40,000,000 $27,908.CO