In 2021, Crane Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $3710000. The facilities were sold in March 2022 and a $3710000 loss was recognized for tax purposes. Also in 2021, Crane paid $163200 in premiums for a two-year life insurance policy in which the company was the beneficiary. Assuming that the enacted tax rate is 20% in both 2021 and 2022, and that Crane paid $1280000 in income taxes in 2021, the amount reported as net deferred income taxes on Crane's balance sheet at December 31, 2021, should be a     $371000 liability.   $742000 asset.   $1116800 asset.   $371000 asset.

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.