er 16 - Assignment #8 At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $156 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $15 million expense recorded in the year of the sale, tax deductible when paid (one year warranty). 2. Depreciation expense, $240 million: straight-line in the income statement, MACRS on the tax return. 3. Income from installment sales of properties, $150 million income recorded in the year of the sale; taxable when received equally over the next five years 4. Rent revenue collected in advance. $25 million; taxable in the year collected, recorded as income when the performance obligation is satisfied in the following year. Required: Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate that amount and whether it is net deferred tax asset or liability. The tax rate is 40% Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40% (Enter your answers in millions.) million