Need part 2 and don't copy from others, thanks!

PART 1

Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Relixs Federal net deferred tax asset or net deferred tax liability at year-end. Assume a 21% Federal corporate tax rate, no state or foreign taxes, and no need for a valuation allowance.

Assets

Tax Debit/ (Credit)

Tax Debit/ (Credit)

Cash

$ 500

$ 500

Accounts receivable

8,000

8,000

Buildings

750,000

750,000

Accumulated depreciation

(450,000)

(380,000)

Furniture & fixtures

70,000

70,000

Accumulated depreciation

(46,000)

(38,000)

Total assets

$332,500

$410,500

Tax Debit/ (Credit)

Book Debit/ (Credit)

Liabilities

Accrued litigation expense

$ 0

($ 50,000)

Note payable

(78,000)

(78,000)

Total liabilities

(78,000)

($128,000)

Stockholders' Equity

Paid-in capital

($ 10,000)

($ 10,000)

Retained earnings

(244,500)

(272,500)

Total liabilities and stockholders' equity

($332,500)

($410,500)

PART 2

Based on the facts and results of Problem 31 and the partial beginning-of-the-year tax and book balance sheet information below, determine Relixs deferred tax benefit or expense for the year. Provide the journal entry necessary to record this amount.

	Tax Debit/ (Credit)	Book Debit/ (Credit)
Assets
Accumulated depreciationBuildings	($417,000)	($360,000)
Accumulated depreciationFurniture & fixtures	(35,200)	(31,000)
Liabilities
Accrued litigation expense	$ 0	($ 34,000)