Use the following information to answer question 23 to 24 Duncan Inc. starts its business in 2017. Duncan uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting (cash basis) for income tax purposes. The enacted tax rate for 2017 taxable income is 40%. In 2017, credit sales revenue of $ 120 were recognized for financial reporting purposes. Credit sales revenue is taxable when collected. Duncan expects to collect the revenue in the following years: Year Applicable Tax Rate Collection of Credit Revenue $20 $40 2018 2019 2020 35% 30% 3096 $60 23. On the balance sheet as of December 31, 2017, what is the balance of deferred tax liability related to the above temporary difference? A. 537 B. $48. C. $30. D. SZ 24. Suppose Duncan reports pretax income of $ 1,050 in 2018. The only book tax difference is due to the credit sales occurred in 2017. What is the tax expense amount in 2018? A. $374.50. B. $337.50. C. 5367.50 D. $360.50