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Sheridan Inc. has two temporary differences at the end of 2024. The first difference stems...

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Accounting

imageimage Sheridan Inc. has two temporary differences at the end of 2024. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Sheridan's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. As of the beginning of 2024 , the enacted tax rate is 34% for 2024 and 2025 , and 20% for 20262029. At the beginning of 2024 , the company had no deferred income taxes on its balance sheet. Taxable income for 2024 is $464,000. Taxable income is expected in all future years. Indicate how deferred income taxes would be classified on the balance sheet at the end of 2024

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