Identify whether the following differences are Permanent or Temporary differences between pretax financial income and taxable income. If the difference is Temporary, determine if it results in a deferred tax asset or a deferred tax liability. Required: To mark your answer, place an X in the appropriate box and highlight it. PERMANENT TEMPORARY Deferred Tax Deferred Tax Liability Asset $7,000 in interest revenue on municipal bonds $15,000 on installment sales recognized in income in 2020. Expected to be received in 2021. 11 Depreciation on an asset totaled $25,000 using straight- line depreciation. For the tax return, $30,000 of depreciation was recorded. Received $15,000 in advance for 3 years of rent