Calculating and Reporting Deferred Income Taxes Bens' Corporation paid $12,000 on December 31, 2016, for equipment with a three-year useful life. The equipment will be depreciated in the amount of $4,000 each year. Bens' took the entire $12,000 as an expense in its tax return in 2016. Assume this is the only timing difference between the firm's books and its tax return. Bens tax rate is 40%. Required a. What amount of deferred tax liability should appear in Bens' 12/31/2016 balance sheet? S 0 b. Where in the balance sheet should the deferred tax liability appear? Current deferred taxty Long-term deferred tax liability c. What amount of deferred tax liability should appear in Bens' 12/31/2017 balance sheet? Deferred tax liability