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AFS company reported the following information: Financial Statement Tax return income before Depreciation and income...

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Accounting

AFS company reported the following information: Financial Statement Tax return

income before Depreciation and income tax 200,000 200,000 Depreciation Expense 45,000 72,000

The tax rate is 35%

1. Income tax for the financial statement is:

2. Income tax on the tax return is:

3. Which does this situation create, a deferred tax asset, or a deferred tax liability?

4. What is the amount of the deferred item?

Please follow the answer and calculation processes. Thank you.

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