Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed.

Required:

Assuming a tax rate of 35%, calculate the tax payable for the company.

How much will the deferred tax assets or liabilities be for the period?

What will Alvis report in the balance sheet about income taxes?