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Paloma, Inc., owns 85 percent of Blanca Corporation. Both companies have been profitable for many years. During the current year, the parent sold merchandise to the subsidiary at a transfer price of $175,000. In recording the transfer, the parent recognized cost of goods sold of $125,000. At the end of the year, the subsidiary still held 20 percent of this merchandise in its Inventory. Assume that the tax rate is 21 percent. What deferred income tax asset amount is created if a consolidated tax return were filed? Multiple Choice SO $1.785 Kyle, Inc., owns 75 percent of CRT Company. During the current year, CRT reported net income of $400,000 but paid a total cash dividend of only $64,000. What deferred income tax liability must be recognized in the consolidated balance sheet? Assume the tax rate is 21 percent Multiple Choice $25,602 $41,562 $18,522