At the end of the year, the deferred tax asset account had a balance of $12 million attributable to acumulative temporary difference of $30 million in a liability for estimated expenses. Taxable income is$35 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth ofthe deferred tax asset will not ultimately be realized. 1. what will the last three lines of the income statement look like (what is pre tax, income tax expense, net income)2. What is the effective tax rate 3. If there is a Deferred tax asset and allowance, what do the three lines of the Deferred tax asset look like