$1.$Jensen recorded an expense of $$1,000$ for its defined benefit retirement plans, but only

$$750$ of this amount qualified for an income tax deduction in the current year.

$2.$ The interest income was received from bonds issued by Chevron $($$$30)$ and the City of

Savannah $($$$12).$

$3.$ The Deferred Revenue account was established because Jensen received full payment last

year on a contract for services, one$-$half of which Jensen performed this year, and one$-$half

of which it will perform next year.

$4.$ Jensen holds life insurance policies on its five officers. Activity concerning these policies

this year included the following.

$5.$ Jensen sold some of its investment land, held as a capital asset per a previous IRS

audit settlement, at a $$15$ loss.

$6.$ Jensen's tax department reported a $$44$ total of documented expenses for meals.

$7.$ Jensen truck drivers were responsible for $$10$ in speeding tickets, all of which the

company paid during the current year.

$8.$ Jensen accrued a current$-$year tax expense of $$500$ federal and $$125$ state.

$9.$ Statutory tax rates for Jensen are $21\%$ federal and $8\%$ for the states $($blended$).$ Unless

otherwise noted, state income tax laws conform with the federal income tax provisions in all

states in which Jensen has nexus. None of the states with which Jensen has nexus allows a

deduction for book federal income tax expense.

$10.$There are no enacted state or federal income tax rate changes that apply to Jensen. Jensen

anticipates no need for a valuation allowance relative to its tax deferrals. Other balance sheet

data follow