Analyzing Joli Roma corp. Income Tax Disclosure In the notes to its Year 8 nancial statements, Joli Roma corp. (the Company), a major U.S. oil producer, provides the following disclosure regarding the deferred tax asset and liability accounts at December 31 of Year 8. $ millions Asset (Liability) Depreciation $(1,295) Depletion (515) Intangible drilling costs (871) Other deferred tax liabilities (823) Total (3,504) Employee benefit plans 638 Tax loss carryforwards 769 Tax credit carryforwards 442 Environmental liabilities 139 Other deferred tax assets 767 Total 2,755 Total before valuation allowance (749) Valuation allowance (978) Totalnet $(1,727) Required a. What is the total of deferred tax liability at December 31 of Year 8? What is the total of deferred tax asset? What is the net amount of deferred tax asset or liability reported on the Company's December 31 of Year 8 balance sheet? Note: Do not use a negative sign with your answers. Total deferred tax liability at December 31 of Year 8: $Answer 3,504 million. Total deferred tax asset at December 31 of Year 8: $Answer 2,755 million. Net amount reported December 31 of Year 8: Answer Deferred tax liability, net of $Answer 1,727 million. b. Assuming a federal tax rate