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1.2 please help. will give like if correct answer Exercise 16-5 (Static)...

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Accounting

1.2 please help. will give like if correct answer image
Exercise 16-5 (Static) Taxable income given; calculate deferred tax liability from book-tax difference; 100% depreciation in the year of purchase; financial statement effects [LO16-2] Ayres Services acquired an asset for $80 million in 2024 . The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). Ayers deducted 100% of the asset's cost for income tax reporting in 2024 . The enacted tax rate is 25%. Amounts for pretax accounting income, depreciation, and taxable income in 2024,2025, 2026, and 2027 are as follows: For December 31 of each year, determine (a) the cumulative temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. Note: Leave no cell blank, enter " O wherever applicable. Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5)

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