Lytle Manufacturing, Inc. began operations in $2022.$ During that year the company deducted $$170,000$ in warranty expenses and deducted $$100,000$ of warranty expenses on its tax return. In $2023,$ the company reported $$410,000$ in Net Income on its financial statement, and $$370,000$ in taxable income. The company has one permanent book$/$tax difference in $2023-$ due to $$20,000$ of EPA fines that were deducted $($on the F$/$S$)$ and paid in $2023.$ This fine is not deductible for income tax purposes. The other book$/$tax difference in $2023$ was due to differences in book and tax amounts for warranty expenses. The tax rate for all years is $20\%.$ Determine the balance in the company's deferred tax account at December $31,2023$ and specify whether this is a deferred tax asset or deferred tax liability balance. $(2$ pt Bonus Question$)$

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