During 2020, Bridgeport Co.'s first year of operations, the company reports pretax financial income at $258,300. Bridgeport's enacted tax rate is 45% for 2020 and 20% for all later years. Bridgeport expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible) amounts: Installment sales $34,800 $34,800 $34,800 $104,400 Depreciation 6,200 6,200 6,200 $6,200 $6,200 31,000 Unearned rent (49,100) (49,100) (98,200) Part 1 Your answer is partially correct. Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Temporary Difference Future Taxable (Deductible) Amounts Tax Rate Installment sales $104,400 Depreciation 31,000 20 % 20 % Unearned rent (98,200) 20 % $ Totals eTextbook and Media List of Accounts Save for Later 37,200 Deferred Tax (Asset) 20880 6200 $ [ 27080 Attempts: 1 of 4 used Submit Answer