v. liabilities & Owners Equity (LLS 9 & 11) Littlefinger Co. purchased a new manufacturing plant on 1/1/2018 for $1,200,000. The plant will be depreciated using straight line depreciation over a 20-year life for Book purposes, with an expected salvage value of $300,000. For tax purposes, however, Littlefinger will depreciate the plant over a 12 year life, with no expected salvage value. On 1/1/2020, however, Littlefinger disposed of the plant for $1,150,000. Deferred Taxes, 2018 Deferred Taxes, 2019 Tax Expense, 1/1/2020 Tax Liability, 1/1/2020 2.5 pts 2.5 pts 2.5 pts 2.5 pts Required: (a) What would be the balance in the Deferred Tax Liability account at the end of each year, assuming a 30% tax rate? (b) What is the journal entry on 1/1/2020, when Littlefinger disposed of the manufacturing plant be sure to consider the effect on taxes