Beta Corporation reports the following results for the current year: (Click the icon to view the results.) (Click the icon to review the Tax Provision Process.) Read the requirements. the table, leave the field empty; do not select a label or enter a zero. Abbreviation used: ded. = deduction.) Data table Tax Provision Process The following steps outline the approach to provide for income taxes in the financial statements. This process addresses only federal income taxes. 1. Identify temporary differences by comparing the book and tax bases of assets and liabilities, and identify tax carryovers. 2. Prepare "roll forward" schedules of temporary differences that tabulate cumulative differences and current-year changes. 3. In the roll forward schedules, apply the appropriate statutory tax rates to determine the ending balances of deferred tax assets and liabilities. 4. Adjust deferred tax assets by a valuation allowance if necessary. 5. Adjust the income tax expense for uncertain tax positions if necessary. 6. Determine current federal income taxes payable, which, in many cases, also is the current federal income tax expense for book purposes. 7. Determining the total federal income tax expense (benefit). 8. Prepare and record tax related journal entries. 9. Prepare a tax provision reconciliation. 10. Prepare the tax rate reconciliation. 11. Prepare financial statements. Beta Corporation reports the following results for the current year: (Click the icon to view the results.) (Click the icon to review the Tax Provision Process.) Read the requirements. the table, leave the field empty; do not select a label or enter a zero. Abbreviation used: ded. = deduction.) Data table Tax Provision Process The following steps outline the approach to provide for income taxes in the financial statements. This process addresses only federal income taxes. 1. Identify temporary differences by comparing the book and tax bases of assets and liabilities, and identify tax carryovers. 2. Prepare "roll forward" schedules of temporary differences that tabulate cumulative differences and current-year changes. 3. In the roll forward schedules, apply the appropriate statutory tax rates to determine the ending balances of deferred tax assets and liabilities. 4. Adjust deferred tax assets by a valuation allowance if necessary. 5. Adjust the income tax expense for uncertain tax positions if necessary. 6. Determine current federal income taxes payable, which, in many cases, also is the current federal income tax expense for book purposes. 7. Determining the total federal income tax expense (benefit). 8. Prepare and record tax related journal entries. 9. Prepare a tax provision reconciliation. 10. Prepare the tax rate reconciliation. 11. Prepare financial statements