For 20X9, its first year of operations, Smartpages Advertising earned pretax accounting income (on the income statement) of $600,000. Taxable income (on the tax return filed with the Internal Revenue Service) is $550,000. The income tax rate is 40%. Record Smartpages' income tax for the year. Show what Smartpages will report on its 20X9 income statement and balance sheet for this situation. Start the income statement with income before tax.