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The following information is available for the first three years of operations for Sheridan Company:...

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Accounting

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The following information is available for the first three years of operations for Sheridan Company: 1. Year 2020 2021 2022 Taxable Income $460,000 310,000 360,000 2. On January 2, 2020, heavy equipment costing $560,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: 2020 $184,800 Tax Depreciation 2021 2022 2023 $252.000 $84,000 $39,200 Total $560,000 3. On January 2, 2021, $288,000 was collected in advance for rental of a building for a three-year period. The entire $288,000 was reported as taxable income in 2021, but $192,000 of the $288,000 was reported as unearned revenue at December 31, 2021 for book purposes. The enacted tax rates are 20% for all years. 4. Prepare a schedule of future taxable and (deductible) amounts at the end of 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2022 2023 2024 Future taxable (deductible) amounts: Depreciation $ $ $ Rent

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