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Exercise 16-24 Multiple temporary differences; balance sheet presentation [LO16-4, 16-5, 16-6, 16-8] At December 31,...

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Exercise 16-24 Multiple temporary differences; balance sheet presentation [LO16-4, 16-5, 16-6, 16-8] At December 31, DePaul Corporation had a $30 million balance in its deferred tax asset account and a $152 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $30 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $280 million: straight-line in the income statement MACRS on the tax return. 3. Income from installment sales of properties, $100 million: income recorded in the year of the sale; taxable when received equally over the next five years. 4. Rent revenue collected in advance, $45 million; taxable in the year collected, recorded as income when the performance obligation is satisfied in the following year Required Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate that amount and whether it is a net deferred tax asset or liability. The tax rate is 40%. Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40%. (Enter your answers in millions.) million

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