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Investopediadefines Deferred Income Taxes as a liability recorded on the balance sheet that results from income already earned and recognized for accounting, but not tax, purposes. Also, differences between tax laws and accounting methods can result in a temporary difference in the amount of income tax payable by a company. Deferred Income Tax. (2014). In Investopedia. Retrieved July 1, 2014, fromhttp://www.investopedia.com/terms/d/deferredincometax.asp. Give at least two examples of these temporary differences occurring and their book and tax consequences.