Please explain in details.

Example 2-Deferred Tax Liability from Depreciation Courts Temporary Services reported pretax accounting income in 2016, 2017, 2018, and 2019 million. In 2016, an asset was acquired for $100 million. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is deducted (by MACRS) over 2016-2019 as follows: $33 million, $44 million, $15 million, and $8 million. No other depreciable assets were acquired. The enacted tax rate is 40% each year. Step 1: Find Taxable Income and cash tax owed each year affected by asset purchase. 2016 2017 2018 2019 Total 2 2.3 (33) (5 (8y 13 81 10 11 23 2.3 Tenp C8(19 Tax inceme 92 lo Tas Pax36.8 32.4 44 46.8 Step 2: Look at the net temporary differences in each year generated from the 2016 event. We need to book the deferred tax liability based on the future taxes owed. (8) C1 (3.6 4.8 Step 3: Now we can make the journal entry recording book tax expense for all four years. ani:..e eAK eP ud 3.2