Prepare a schedule of the deferred tax (asset) and liability at the end of 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

The following information is available for the first three years of operations for Sheridan Company: 1. Year Taxable Income 2020 $460,000 2021 310,000 2022 360,000 2. On January 2, 2020, heavy equipment costing $560,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: Tax Depreciation 2020 2021 2022 2023 Total $184,800 $252,000 $84,000 $39,200 $560,000 3. On January 2, 2021, $288,000 was collected in advance for rental of a building for a three-year period. The entire $288,000 was reported as taxable income in 2021, but $192,000 of the $288,000 was reported as unearned revenue at December 31, 2021 for book purposes. 4. The enacted tax rates are 20% for all years. Prepare a schedule of the deferred tax (asset) and liability at the end of 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred Tax Temporary Difference Future Taxable (Deductible) Amounts Tax Rate (Asset) Depreciation - 140000 20 % 28000 Rent -96000 20 % 19200 Totals $ -236000 $ 47200 e Textbook and Media List of Accounts