Exercise 19-17 Larkspur Co. establishes a $146,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $73,000,000 of temporary differences due to excess depreciation for tax purposes, $10,220,000 of which will reverse in 2018. The enacted tax rate for all years is 40%, and the company pays taxes of $93,440,000 on $233,600,000 of taxable income in 2017. Larkspur expects to have taxable income in 2018. Correct answer. Your answer is correct. Determine the deferred taxes to be reported at the end of 2017. Deferred tax assets $Entry field with correct answer 58400000 Deferred tax liabilities $Entry field with correct answer 29200000 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Indicate how the deferred taxes computed above are to be reported on the balance sheet. Larkspur Co. Balance Sheet Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Deferred Tax Asset $Entry field with correct answer 29200000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Correct answer. Your answer is correct. Assuming that the only deferred tax account at the beginning of 2017 was a deferred tax liability of $14,600,000, draft the income tax expense portion of the income statement for 2017, beginning with the line Income before income taxes. (Hint: You must first compute (1) the amount of temporary difference underlying the beginning $14,600,000 deferred tax liability, then (2) the amount of temporary differences originating or reversing during the year, and then (3) the amount of pretax financial income.) Larkspur Co. Income Statement (Partial) Entry field with correct answer Entry field with correct answer $Entry field with correct answer 124100000 Entry field with correct answer Entry field with correct answer $Entry field with correct answer 93440000 Entry field with correct answer Entry field with correct answer 43800000 Entry field with correct answer 49640000 Entry field with correct answer $Entry field with correct answer 74460000

Need help with Balance Sheet, Long-Term Liability is not an option. Not sure if this should be Long-term investment, since I cannot use Long-term Liability.