Calculate the deferred tax liability given the following items incurred in 2020 by Company B. Other income is not recognized for tax purposes. Bonuses are tax deductible only in the year in which they are paid. Accounting Income $86,000 Depreciation Expense $6,500 Tax Depreciation $4,000 Other Income $4,700 2019 Bonus Paid in 2020 $2,630 Accrued Bonuses in 2020 $3,500 Tax Rate 28%

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.