At December 31, 2019. Acme Inc. had the following deferred tax balances: Deferred tax liability Deferred tax asset Valuation allowance $ 52.500 84,000 21.000 These deferred tax balances relate to two items. First, Acme has recorded excess tax deductions related to its plant assets. At December 31, 2019 plant assets had a book value of $1,000,000 and a tax basis of $750,000 Second, Acme had a NOL carryforward in the amount of $400.000 at December 31, 2019. Acme determined the appropriate tax rate for recording deferred taxes at December 31, 2019 was 21%. At December 31, 2020, we have the following information related to Acme's year-end tax accrual: Income before income tax on the income statement equals $420,000 Tax basis of plant assets equals $720,000 Book value of plant assets equals $1.100.000 The company began selling products that carry a two-year warranty. The estimated liability for warranties has a $60,000 balance at 12/31/20. Acme purchased a patent from another company in January of 2020 for $600,000. The patent had a remaining legal life of 8 years and Acme estimated the economic life to be 8 years as well. Acme purchased bonds issued by the state of lowa as a long-term investment in 2020. Acme received $30,000 of interest on these bonds in 2020. Because of increases in company profitability this year. Acme now projects that it is more likely than not that they will realize all but 10% of the benefits associated with any deferred tax asset related to NOL Carryforwards. The company has determined that 21% is the appropriate tax rate for 2020 and all foreseeable future periods. Required: Determine the following amounts: Total deferred tax liability at December 31, 2020 Total deferred tax asset at December 31, 2020 The presentation of deferred taxes on the December 31, 2020 balance sheet The amount of income tax expense recognized in the Income Statement for year ended December 31, 2020 The total tax liability from the 2020 tax return