1. In 2019, Orr Corp. reported depreciation expense of $1,783,000 and depreciation for tax purposes of $2,139,600. This was the only temporary difference between GAAP and tax and it will reverse equally over the next three years. Assume that the enacted income tax rates are 30% for 2019, 30% for 2020 and 25% for 2021 and 2022. What will Orr Corp. report as a deferred tax liability on its 2019 balance sheet? (NIE 6 & 20)

   		$89,150
   		$95,093
   		$106,980
   		$124,810

2. Almond, Inc. reported a tax loss in 2019 of $3,023,000. If the enacted tax rate for 2017 and 2018 was 25%; 28% for 2019; and 27% for 2020 and thereafter, how much should Almond, Inc. record as a deferred tax asset if they use their NOL as a carryforward? (NIE 10)

1. 		$362,760
   		$755,750
   		$846,440
   		$1,209,200

3. (5 points) Sunflower Co. reported book income of $33,493,000 for 2020. This number included $1,675,000 of income from exempt municipal bonds. For tax purposes, the company reported $4,188,000 of depreciation in excess of GAAP depreciation. The company also made tax payments of $6,699,000 during the year. If Sunflower Co.'s 2020 tax rate was 30%, what will they report as deferred taxes on their 2020 balance sheet? (NIE 7)

		$1,256,400 deferred tax liability
		$1,256,400 deferred tax asset
		$753,900 deferred tax liability
		$753,900 deferred tax asset

4. (5 points) FOFT Co. paid $518,000 in taxes in 2019, but reported income tax expense of $543,900. Based on this information, what will the income tax line item look like on FOFT's 2019 Indirect Style Statement of Cash Flows? (NIE 5 & 20)

		$51,800
		$25,900
		($518,000)
		($543,900)