At December 31, 2020, Sheffield Corporation had an estimated warranty liability of $82,000 for accounting purposes and $0 for tax purposes. (The warranty costs are not deductible until paid.) The effective tax rate is 20%.Compute the amount Sheffield should report as a deferred tax asset at December 31, 2020.

$16,400

Explanation:

Computation of the amount Sheffield should report as a deferred tax asset at December 31, 2020.

Using this formula

Deferred tax asset=Estimated warranty liability*Effective tax rate

Let plug in the formula

Deferred tax asset=$82,000*20%

Deferred tax asset=$16,400

Therefore the amount that Sheffield should report as a deferred tax asset at December 31, 2020 will be $16,400

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month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23