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I. Listed below are items that are treated differently for accounting purposes than...

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Accounting

I. Listed below are items that are treated differently for accounting purposes than they are
for tax purposes. Indicate whether the items are permanent differences or temporary
differences. For temporary differences, indicate whether they will create deferred tax
assets or deferred tax liabilities. (5 points)
Premiums paid for life insurance policy on key
officer (company is beneficiary.
Tax depreciation in excess of book depreciation.
Interest income from municipal bonds.
Warranty expense accrued in excess of warranty
costs paid.
Installment income recognized for book purposes
but not yet collected.
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