1. A Company has revenue of $120,000 and expenses of $65,000. Accounts receivable balances account for $25,000 of the revenue. Calculate pretax income according to GAAP, and taxable income according to the IRS. 2. Assume the information from problem 1 , and a tax rate of 40%. Calculate income tax expense and income tax payable. 3. Assuming the information from problems 1 and 2. Will this Company have a deferred tax liability or a deferred tax asset? What is the amount of the deferred tax liability/asset