Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-yea 2. Listed below are items that are treated differently for accounting purposes purposes. Indicate whether the items are permanent differences or temporary differe rary differences, indicate whether they will create deferred tax assets or liabilities. (5 points) than they are for tax nces. For tempo- Description Unrealized holding gain recognized in income for book purposes, deferred for tax purposes Advance rental receipts Fine for polluting Product warranty liabilities Deductible pension funding exceeding book pension expen Temporary/sset/Liability se Expenses incurred in obtaining tax-exempt revenue Prepaid expenses that are deductible when paid Excess tax depreciation over accounting depreciation Long-term construction contracts accounted for under the percentage of completion method where book income exceeds cash collected Premiums paid on officer life insurance