BP1: For each of the following independent situations determine taxable income assuming that pretax financial accounting income is $100. Additionally, state if a deferred tax asset, a deferred tax liability, or if both is required. Temporary Differences (in millions) initially Reported on: Income Statement Revenues Tax Return Expenses Expenses Revenues $20 2. $20 3. $20 $20 4. 5. $20 $20 $20 $15 6 $15 $10 $10 7 8. $15 $15 $5 $20