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Cheyenne Inc. has two temporary differences at the end of 2019. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Cheyenne's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. 2020 2021 2022 2023 Taxable amounts $43,300 $50,800 $56,700 $ 86,600 Deductible amounts (14,300) (18,500) $ 43,300 $36,500 $38,200 $ 86,600 As of the beginning of 2019, the enacted tax rate is 34% for 2019 and 2020, and 20% for 2021-2024. At the beginning of 2019, the company had no deferred income taxes on its balance sheet. Taxable income for 2019 is $473.000. Taxable income is expected in all future years. Cheyenne Inc. Balance Sheet December 31, 2019 Current Liabilities V Deferred Tax Liability $ 88480
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