A corporation began operations on January 1, 2024. On this date, the company purchased equipment for $80,000. Additional information: The asset has a four-year useful life and no residual value. For financial reporting, the asset is depreciated on a straight-line basis. For tax reporting, the asset is depreciated using MACRS. Annual depreciation under MACRS is $32,000 in 2024, $24,000 in 2025, $16,000 in 2026, and $8,000 in 2027. Pretax accounting income for 2024 was $188,000, which includes interest revenue of $33,000 from municipal bonds. There are no other differences between accounting and taxable income. The tax rate is 25% for all years. Required: 1. What is taxable income for year 2024? 2. Compute the balance of the deferred tax account as of the end of 2024