please solve these two questions!

Saved Help Save & Exit Submit Check my work At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $88 million balance in its deferred tax liability account. The balances were dye to the following cumulative temporary differences: 1. Estimated warranty expense, $15 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $170 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $50 million: income recorded in the year of the sale; taxable when received equally over the next five years. 4. Rent revenue collected in advance, $25 million; taxable in the year collected; recorded as income when the performance obligation is satisfied in the following year Required Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate,that amount and whether it is a net deferred tax asset or liability. The tax rate is 40%. Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40%. (Enter your answers in millions.) Netdefd tax ablilymilion deferred tax liability 1 Required information The following information applies to the questions displayed below. Arndt, Inc., reported the following for 2018 and 2019 ($ in millions: 2018 2019 996 $1,031 824 Revenues Expenses Pretax accounting income(income statement) Taxable income (tax ieturn) 212 207 s 210 230 Tax rate: 408 a. Expenses each year include $30 million from a two-year casuaity insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. b. Expenses include $3 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2018 and 2019 were $36 million and $48 million, respectively. Subscriptions included in 2018 and 2019 financial reporting revenues were $28 million ($10 million collected in 2017 but not recognized as revenue until 2018) and $36 million, respectively. Hint: View this as two temporary differences-one reversing in 2018; one originating in 2018. fair value. The investments were sold in 2019. d. 2018 expenses included a $22 million unrealized loss from reducing investments (classified as trading securities) to e. During 2017, accounting income included an estimated loss of $5 million from having accrued a loss contingency. f. At January 1, 2018, Arndt had a deferred tax asset of $7 million and no deferred tax liability. The loss was paid in 2018 at which time it is tax deductible. 6 Saved Help Save & Exit S Check my a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. b. Expenses include $3 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptins to a weekly journal. Subscription sales collected and taxable in 2018 and 2019 were $36 million and $48 million, respectively. Subscriptions included in 2018 and 2019 financial reporting revenues were $28 million ($10 million collected in 2017 but not recognized as revenue until 2018) and $36 million, respectively. Hint: View this as two temporary differences-one reversing in 2018; one originating in 2018. d. 2018 expenses included a $22 million unrealized loss from reducing investments (classified as trading securities) to e. During 2017, accounting income included an estimated loss of $5 million from having accrued a loss contingency f. At January 1, 2018, Arndt had a deferred tax asset of $7 million and no deferred tax liability. fair value. The investments were sold in 2019. The loss was paid in 2018 at which time it is tax deductible. 3. Compute the deferred tax amounts that should be reported on the 2018 balance sheet. (Enter your answers in millions (i.e. 0,000,000 should be entered as 10).) Deferred tax amounts ($ in millions) Classification Amount Net noncurrent deferred tax asset