4. (TCO B) Hertz Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, 2013, its first year of operations: Pretax financial income $800,000 Nontaxable interest received on municipal securities (30,000) Estimated warranties not deductible for tax purpose in 2013 50,000 Depreciation in excess of financial statement amount (70 ,000) Taxable income $750,000 Hertzs tax rate for Year 2013 and for future years is 30%. (a) In its Year 1 income statement, what amount should Hertz report as income tax expense-current portion? (b) In its December 31, 2013 balance sheet, what amount should Hertz report as deferred income tax liability/asset?