NEED ASAP IN 15 MIN. PLEASE SHOW ALL WORK. THANK YOU!

A friend of you saw an article published in Wall Street Journal in April 2017 about the impact of changes in tax rate from 35% to 15% on the firms. Knowing nothing about accounting, he approaches you and askes you the following questions: 1. What are deferred tax assets and what are deferred tax liabilities? Can you give me (him) one example each to explain what gives rise to deferred tax assets and what to deferred tax liabilities? 2. Can you tell me (him) why those firms with huge amount of deferred tax assets from previous years are unhappy about their year 2017 financial results, given the changes in the tax rate starting year 2018? In contrast, how come those firms with huge amount of deferred tax liabilities from previous years are happy? Arial + 3 (12pt) - 5