For 2010, its first year of operations, Quinn Advertising, Inc. earned pretax accounting income (on the income statement) of $375,000. Taxable income (on the tax return filed with the Internal Revenue Service) is $300,000. The income tax rate is 30%. Record Quinn’s income tax for the year. Show what Quinn will report on its 2010 income statement and balance sheet for this situation. Start the income statement with income before tax.