Mansfield Corporation purchased a new warehouse at the beginning of Year 1 for $1020,000. The expected life of the asset is 20 years with no residual value. The company uses straight-line depreciation for financial reporting purposes and sccelerated depreciation ed method esult in $ 2.000 o depreciation each year The company's ederal income tax rate is 34 The company determined its income tax obligations or Year and Year 2 were $408.000 and $645,000 respectively ng408,000 company's end Year 2 wer e g2oses nd for tax purposes (the accelerat Required 1-a. Compute the deterred income tax amount reported on the balance sheet for each year Year 1 Year 2 1-b. Is the deferred income tax a lability or an asset? Liability Asset eBook & Resources Worksheet Ditficulty: 2 Medium Learning Objective: 09-06 Report long-term liabilities Required Information 100 points 2. Compute income lax expense for each year. ear 1 Yaar 2