For the year, Raleigh Corporation had pretax GAAP income of $150,000 and an income tax rate of 25%. Raleigh had a $3,000 credit balance in its Deferred Tax Liability account on January 1, and a zero balance in its Deferred Tax Asset account on January 1. The company summarized the following items for the year. Depreciation for accounting purposes, $48,000, and for income tax purposes, $66,000. The related fixed asset was acquired for $240,000 at the beginning of the year and had an estimated 5-year life at that time. Installment sales revenue for accounting purposes was $48,000, and for income tax purposes, $24,000. The collection period for the $24,000 receivable is the following four years with equal amounts expected each year. Payment of life insurance premiums on executive officers totaled $2,400 in the year