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  3. at december 31, depaul corporation had the followi

At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations:...

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Accounting

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At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations: 1. Estimated warranty expense, $16 million temporary difference: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $120 million temporary difference: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $20 million temporary difference: Income recorded in the year of the sale; taxable when received equally over the next five years. 4. Rent revenue collected in advance. $24 million temporary difference; taxable in the year collected; recorded as income when the performance obligation is satisfied in the following year. LOG 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 25%. (Enter your answer in millions (ie. 10,000,000 should be entered as 10).) millon

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