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Using the information below, what is the corporations net deferred tax liability and/or net deferred tax asset for 20x2? Provide each amount clearly labeled. Book

Using the information below, what is the corporation’s net deferred tax liability and/or net deferred tax asset for 20x2? Provide each amount clearly labeled.

                                                                           Book                   Tax              Book            Tax

Assets                                                               20x2                  20x2             20x1            20x1

Property, plant, and equipment               100,000            100,000       100,000         100,000

Accumulated depreciation                          12,000               50,000            6,000           30,000

Net PPE                                                           88,000               50,000          94,000           70,000

Liabilities Warranty payable                       20,000                         0            5,000                     0

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