You are the accounting intern at Healthy Farms, a large agricultural company that has global operations. Your controller, John Adams, heard the news that Biden's ministry proposed to raise the overseas corporate tax rate to 21% from 10.5\%. Healthy Farms purchased ten tractors, totaling $10,000,000 on January 1, 2021. The tractors have a useful life of 10 years with no salvage value. The depreciation is calculated by straight-line method for financial reporting purposes and MACRS method for tax purposes. Therefore, the tax basis of the tractors is $3,000,000 on December 31 , 2022. Healthy Farms' fiscal year ends on December 31. To prepare for 2022 financial statements, Controller Adams asks you to do research on FASB Codification System to find out the right tax rate Healthy Farms should use and how much deferred tax liability is to be reported. *Names and numbers in the case are fictitious Required: Write a memo to Controller Adams that: 1. explains which tax rate to use and which Accounting Standards Code supports the rate 2. explains how much deferred tax liability is for the fiscal year 2022 ending on December 31 and how it is calculated