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Cozy Co started operations in 2020 and has a 20% tax rate. During 2020 the following items arose leading to differences between their GAAP income and taxable income: - $200,000 is collected in prepaid subscriptions that will be recognizable as revenue for book purposes during 2021 . - $100,000 in municipal bond interest collected during 2020. - $60,000 tax depreciation over book depreciation. - $180,000 in Warranty expenses that will be paid for tax purposes during 2021, 2022, and 2023. 10. How much should Cozy record as a deferred tax Asset at the end of 2020 11. How much should Cozy record as a deferred tax Liability at the end of 2020 Cozy Co started operations in 2020 and has a 20% tax rate. During 2020 the following items arose leading to differences between their GAAP income and taxable income: - $200,000 is collected in prepaid subscriptions that will be recognizable as revenue for book purposes during 2021 . - $100,000 in municipal bond interest collected during 2020. - $60,000 tax depreciation over book depreciation. - $180,000 in Warranty expenses that will be paid for tax purposes during 2021, 2022, and 2023. 10. How much should Cozy record as a deferred tax Asset at the end of 2020 11. How much should Cozy record as a deferred tax Liability at the end of 2020

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