=+Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a corporation’s operations: First Second Third Fourth Year Year Year Year Income before income taxes $625,000 $750,000 $1,250,000 $1,000,000 Taxable income 500,000 700,000 1,350,000 1,075,000 The income tax rate for each of the four years was 40% of taxable income, and each year’s taxes were promptly paid. Instructions 1. Determine for each year the amounts described by the following captions, presenting the information in the form indicated: Income Tax Deferred Income Deducted Income Tax Tax Payable on Payments Year’s YearIncome for Addition End Year Statement the Year (Deduction) Balance 2. Total the first three amount columns.