You are the new controller for Information Tech Solutions. The company treasurer, Arnold Dutch, believes that as a result of pending legislation, the currently enacted 35% income tax rate may be decreased for 2022 to 25% and is uncertain which tax rate to apply in determining deferred taxes for 2021. Mr. Dutch is also uncertain which temporary differences should be included in that determination and has solicited your help. The accounting group provided you the following information. Currently, the company pays $50,000 in insurance premiums annually for the CEO's life insurance policy, for which the company is the beneficiary. Additionally, Information Tech Solutions purchased a building on January 1 , 2019 , for $6,000,000. The building's estimated useful life is 30 years from the date of purchase, with no salvage value. Depreciation is computed using the straight-line inethod for financial reporting purposes and the MACRS method for tax purposes. The building's tax basis is $5,200,000 at December 31,2021 . The balance in unearned revenue decreased from $1,500,000 to $1,000,000 from 2020 to 2021 , as previously received payments collected from Ritas for pre-purchased tech equipment was earned. Write a memo to Arnold Dutch that: - Identifies the objectives of accounting for income taxes. - Differentiates temporary differences and permanent differences. - Explains which tax rate to use. - Calculates the deferred tax liability at December 31, 2021 - Calculates the deferred tax asset at December 31, 2021 - Indicates appropriate classification of deferred taxes on the balance sheet at December 31, 2021