Miller Company has a defined benefit pension plan. The following information is available at year end:

Projected benefit obligation $1,345,000

Accumulated benefit obligation $1,085,000

Vested benefit obligation $ 995,000

Fair value of plan assets $1,030,000

Which of the following would Miller report on its year-end balance sheet?

A long term asset of $35,000

A long term liability of $55,000

A long term liability of $315,000

A long term liability of $1,345,000

Maxie Corp. purchases equipment for $400,000 on 1/1/16. The equipment is expected to have an eight-year life with a residual value of $40,000 for both financial reporting and tax Maxie uses straight line depreciation for financial reporting and double declining balance for tax purposes. Maxie reported Income before depreciation of $500,000 for both 2016 & 2017. For those tax years, Miser reported the following depreciation deductions:

Tax (DDB) Financial (SL)

2016 $100,000 $ 45,000

2017 $ 75,000 $ 45,000

If Maxie Corp has an income tax rate of 40%, which of the following would appear on Maxies 12/31/2017 Balance Sheet?

Income Tax Expense $170,000

Deferred Tax Liability $34,000

Deferred Tax Liability $22,000

Deferred Tax Asset $34,000