Company Happiness Ltd. has a machine with an original cost of 120. The useful life of the machine is 4 years. Regarding the machine, the GAAP depreciation is calculated following the straight-line method. On the other hand, tax depreciation amounts to 40 in year 1, 20 in year 2, 10 in year 3 and 50 in year 4. Initial cost of PP&E is 120. It is also known that depreciation expense is the only difference between accounting and taxable profit. Assume that the tax rate is 20%. Required: a) Before doing calculations, do you think that accounting profit will differ from taxable profit? Explain your answer in detail. (10 points) b) Calculate the deferred tax liability (asset) for the four years. (15 points)