ccounting for Income Taxes: You are the new controller for Jump, Jump Solutions. The company treasurer, Kris Kross, believes that as a result of pending legislation, the currently enacted 35% income tax rate may be decreased for 2022 to 25% and is uncertain which tax rate to apply in determining deferred taxes for 2021 . Mr. Kross is also uncertain which temporary differences should be included in that determination and has solicited your help, The accounting group provided you the following information. Currently, the company pays $50,000 in insurance premiums annually for the CEO's life insurance policy, for which the company is the beneficiary. Additionally, Jump, Jump Solutions purchased a building on January 1,2019 , for $6,000,000. The building's estimated useful life is 30 years from the date of purchase, with no salvage value. Depreciation is computed using the straight-line method for financial reporting purposes and the MACRS method for tax purposes. The building's tax basis is $5,200,000 at December 31,2021 . The balance in unearned revenue decreased from $1,500,000 to $1,000,000 from 2020 to 2021, as previously received monies collected from Mac Dad'll for pre-purchased jumps was earned. Accounting income Required: Write a memo to Kris Kross that: - Identifies the objectives of accounting for income taxes. - Differentiates temporary differences and permanent differences. - Explains which tax rate to use. - Calculates the deferred tax liability at December 31, 2021 - Calculates the deferred tax asset at December 31,2021 - Indicates appropriate classification of deferred taxes on the balance sheet at December 31,2021 This is an individual, not a group assignment. Please note: 20% of your overall grade on this assignment will be associated specifically with your writing. An expert grader from the College of Business will evaluate your memo for "credibility killers" and score the assignment based accordingly. I will then go in and grade the content of your memo and input a final grade reflecting the 20% associated with writing and 80% related to content. Review the attached Credibility Killer's document to improve your writing