During 2020, Sheridan Co's first year of operations, the company reports pretax financial income at $234,100. Sheridan's enacted tax rate is 45% for 2020 and 20% for all later years. Sheridan 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 $30,000 $30,000 $30,000 $90,000 Depreciation 5,700 5,700 5,700 $5,700 $5,700 28,500 Unearned rent (51,600) (51,600) (103,200) (a) 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 $90,000 Depreciation 28,500 Deferred T (Asset) % $ $ % $ $ Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amo preceding the number e.g. -45 or parentheses e.g. (45).) Temporary Difference Installment sales Depreciation Future Taxable (Deductible) Amounts $90,000 28,500 Unearned rent (103,200) Totals eTextbook and Media List of Accounts Save for Later 15300 Tax Rate 45 % 45 do % 45 45 % Atte es at December 31, 2020. (Negative amounts using either a negative sign $ $ $ (Asset) Deferred Tax i i $ AA $ GA $ +A $ Liability Attempts: 1 of 3 used Submit