IE 16-2 (Static) Based on Exercise 16-4 Taxable income given; calculate deferred tax liability from booktax difference; financial statement effects [LO16-2] A company acquired an asset for $1,200,000 on January 1 of the current year. The asset is depreciated for financlal reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 19%. Amounts for pretax accounting income, depreciation, and taxable income in the four years are as follows: required: For December 31 of each year, determine (a) the cumulative temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. Note: Each cell requires a formula, even if the result is $0. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect