Please answer 29,30,31 and 32

29) Blue Sky Company reported the following results for the year ended December 31, 2021, its first year of operations:

2021

Income (per books before income taxes) $ 1,500,000

Taxable income 3,200,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2022. What should Blue Sky record as a net deferred tax asset or liability for the year ended December 31, 2021, assuming that the enacted tax rates in effect are 35% in 2021 and 20% in 2022?

30) Beta Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors:

2020 2021

Ending inventory $40,000 overstatement $60,000 overstatement

Depreciation expense 15,000 overstatement 30,000 overstatement

Assume that the 2020 errors were not corrected and that no errors occurred in 2019. By what amount will 2020 income before income taxes be overstated or understated?

31) Jersey, Inc. had pre-tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions:

Received rent from Maine, Co. for 2022 $ 85,000

Depreciation for tax purposes in excess of book depreciation $60,000

Compute the deferred tax asset balance at December 31, 2021.

32) Pluto Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided:

Income from exempt municipal bonds $ 200,000

Depreciation deducted for tax purposes in excess of depreciation

deducted for financial statement purposes 400,000

Enacted corporate income tax rate 30%

Compute the current tax payable for the year.