a) Discuss the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify three temporary differences and discuss how the deferred tax asset or deferred tax liability is recorded and consumed. Identify three permanent differences and discuss the reporting of permanent differences.

b) Please discuss at least two reasons why the components of income tax expense should be disclosed and a reconciliation between the effective tax and the statutory tax rate provided.

**Please do not copy other posts. I will upvote only if the post is original. Thank you!!!!