Question - Sunland, Inc. had pre-tax accounting income of $2100000 and a tax rate of 40% in 2018, its first year of operations. During 2018 the company had the following transactions:

Received rent from Jane, Co. for 2019 $90000

Municipal bond income $114000

Depreciation for tax purposes in excess of book depreciation $54000

Installment sales profit to be taxed in 2019 $156000

At the end of 2018, which of the following deferred tax accounts and balances exist at December 31, 2018?

Account      Balance

Deferred tax asset$57600

Deferred tax asset$36000

Deferred tax liability$57600

Deferred tax liability$36000