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At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $156 million balance in its deferred tax

At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $156 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences:

1.

Estimated warranty expense, $15 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty).

2.

Depreciation expense, $240 million: straight-line in the income statement; MACRS on the tax return.

3.

Income from installment sales of properties, $150 million: income recorded in the year of the sale; taxable when received equally over the next five years.

4.

Rent revenue collected in advance, $25 million; taxable in the year collected; recorded as income when earned the following year.

Required:

Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40%.(Enter your answers in millions.)

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