Toggle's Fishing Fleet had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2012. These data apply to each of the independent solutions below. 1.) Assuming that total dividends declared in 2012 were $35,000 and that the preferred stock is not cumulative, common stockholders should recieve total 2012 dividends of? 2.) Assuming that the total dividends declared in 2012 were 92,000 and that the preferred stock is cumulative with two years' preferred dividends in arrears on December 31, 2012, the preferred stockholders shoukd recieve 2012 dividends totaling?
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1. Lyons Company deducts depreciation expense of $150,000 for tax purposes in 2010, but the expense is not yet recognized for accounting purposes. In 2011, 2012, and 2013, no depreciation expense will be deducted for tax purposes, but $50,000 of depreciation expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 20% for all of the years in question. There were no deferred taxes at the beginning of 2010.
a. Is the deferred tax account an asset or a liability?

b. How much is in the deferred asset(liability) account at the end of December 31, 2010?
c. What is the journal entry to record income taxes, income taxes payable and deferred taxes on December 31, 2010 if the pre-tax financial statement income for December 31, 2010 is $325,000.