Assume that for tax purposes, Staples expenses the entire cost of the asset in the year of acquisition

Please Answer both 1 and 2 and show as much work as possible. Thanks!

Staples Corporation would have had identical income before taxes on both its income tax returns and its income statements for Year 1 through Year 4 except for a depreciable asset that cost $120,000. The asset was depreciated for income tax purposes using the following amounts: Year 1 - \$48,000, Year 2 $36,000, Year 3$24,000, and Year 4 - $12,000. However, for accounting purposes the straight-line method was used with an estimated useful life of 4 years and no residual value. The accounting and tax period both end December 31. There were no deferred taxes at the beginning of Year 1 . The tax rate for each year was 25%. The taxable income for each year was as follows: Year 1$230,000, Year 2 $250,000, Year 3$240,000, and Year 4$240,000. 1. Prepare the income tax expense entry, determine how the deferred tax accounts will be presented on the balance sheet, and prepare the income tax section of the income statement for Year 1: 2. sPrepare the income tax expense entry, determine how the deferred tax accounts will be presented on the balance sheet, and prepare the income tax section of the income statement for Year 2: Staples Corporation would have had identical income before taxes on both its income tax returns and its income statements for Year 1 through Year 4 except for a depreciable asset that cost $120,000. The asset was depreciated for income tax purposes using the following amounts: Year 1 - \$48,000, Year 2 $36,000, Year 3$24,000, and Year 4 - $12,000. However, for accounting purposes the straight-line method was used with an estimated useful life of 4 years and no residual value. The accounting and tax period both end December 31. There were no deferred taxes at the beginning of Year 1 . The tax rate for each year was 25%. The taxable income for each year was as follows: Year 1$230,000, Year 2 $250,000, Year 3$240,000, and Year 4$240,000. 1. Prepare the income tax expense entry, determine how the deferred tax accounts will be presented on the balance sheet, and prepare the income tax section of the income statement for Year 1: 2. sPrepare the income tax expense entry, determine how the deferred tax accounts will be presented on the balance sheet, and prepare the income tax section of the income statement for Year 2