This year, Mrs. Bard, who is head of Lyton Industries's accounting and tax department, received a compensation package of $360,000. The package consisted of a $300,000 current salary and $60,000 deferred compensation. Lyton will pay the deferred compensation in three annual $20,000 installments beginning with the year in which Mrs. Bard retires. Lyton accrued a $60,000 unfunded liability for the deferred compensation on its current year financial statements. Assume Mrs. Bard retires in 2024 and recelves her first $20,000 payment from Lyton Industries. Required: a. How much compensation income does Mrs. Bard recognize in 20242 b. What is Lyton Industries's 2024 tax deduction for the payment to Mrs. Bard? c. What is the effect of the payment on Lyton Industries's 2024 book income and deferred tax asset or liability Assume a 21 percent tax rate. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required How much compensation income does Mrs. Bard recognize in 20242 Compensation income recognized by Mrs. Bard 300.000 This year, Mrs. Bard, who is head of tyton Industries's accounting and tax department, received a compensation package of $360,000, The package consisted of a $300,000 current salary and $60,000 deferred compensation. Lyton will pay the deferred compensation in three annual $20,000 installments beginning with the year in which Mrs. Bard retires. Lyton accrued a $60,000 unfunded liability for the deferred compensation on its current year financial statements. Assume Mrs. Bard retires in 2024 and receives her first $20,000 payment from Lyton Industries. Required: a. How much compensation income does Mrs. Bard recognize in 2024? b. What is Lyton Industries's 2024 tax deduction for the payment to Mrs. Bard? c. What is the effect of the payment on Lyton Industries's 2024 book income and deterred tax asset or ability Assume a 21 percent tax rate. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required What Is Lyton Industries's 2024 tax deduction for the payment to Mrs. Bard? Lylon's tax deduction S 360.000 This year, Mrs. Bard, who is head of Lyton Industries's accounting and tax department, received a compensation package of $360,000 The package consisted of a $300,000 current salary and $60,000 deferred compensation. Lyton will pay the deferred compensation in three annual $20,000 installments beginning with the year in which Mrs. Bard retires. Lyton accrued a $60,000 unfunded lobility for the deferred compensation on its current year financial statements. Assume Mrs. Bard retires in 2024 and receives her first $20,000 payment from Lyton Industries Required: a. How much compensation income does Mrs. Bard recognize in 2024? b. What is tyton Industries's 2024 tax deduction for the payment to Mrs. Bard? c. What is the effect of the payment on Lyton Industries's 2024 book income and deferred tax asset or liability Assume a 21 percent tax rate. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required What is the effect of the payment on Lyton Industries's 2024 book income and deferred tax asset or liability Assume a 21 percent tax rate. Book income Deferred tax asset decrease by decrease by $ s Amount 300,000 12,600 X