The company has a item of plant that it purchased 2 years ago with an accumulated depreciation of $60,000 and a carrying amount of $120,000. The accumulated tax depreciation is only $40,000. Required a) What is the amount of the temporary difference? b) Does this difference give rise to a deferred tax asset or a deferred tax liability? What is the amount of this deferred tax asset/liability? The tax rate is 30 percent. c) Provide an explanation for your answer to question b) above based on cash inflows/outflows.