1. Deferred tax liability, January 1, 2017, $44,400. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $105,450. 4. Pretax financial income for 2017, $222,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $266,400. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $38,850. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. (a) Your answer is correct. Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, e.g. $1,525.) Income taxes payable J 42180 Debit Credit Account Titles and Explanation Tincome Tax Expense . 88800 Deferred Tax Asset 15540 | Income Tax Payable 42180 Deferred Tax Liability 62160 Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes." (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Marigold Corporation Income Statement (Partial)