ACCOUNTING FOR INCOME TAXES Illustration: Chelsea, Inc. reported revenues of $130,000 and expenses of $60,000 in each of its first three years of operations. For tax purposes, Chelsea reported the same expenses to the IRS in each of the years. Chelsea reported taxable revenues of $100,000 in 2017, $150,000 in 2018, and $140,000 in 2019. What is the effect on the accounts of reporting different amounts of revenue for GAAP versus tax