A company has the following temporary differences at year$-$end:

Depreciation for tax purposes exceeding book depreciation by $$150,000.$

Warranty expense accrued on the books of $$70,000,$ not yet deductible for tax purposes.

Prepaid rent income of $$60,000$ included in book income but taxable in a future year.

The applicable corporate tax rate is $40\%.$

Calculate the deferred tax assets and liabilities.

Prepare the journal entries to record income tax expense and related accounts.

Outline the required disclosures for the company's income tax footnote.

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