Exercise 16-3 Taxable income given; calculate deferred tax liability [LO16-1] Ayres Services acquired an asset for $80 million in 2013. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the assets cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for pretax accounting income, depreciation, and taxable income in 2013, 2014, 2015, and 2016 are as follows: ($ in millions) 2013 2014 2015 2016 Pretax accounting income $ 330 $ 350 $ 365 $ 400 Depreciation on the income statement 20 20 20 20 Depreciation on the tax return (25) (33) (15) (7) Taxable income $ 325 $ 337 $ 370 $ 413 Required: Determine (a) the temporary booktax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. show work