Company ABC reports $2,000,000 of GAAP financial reporting income in 2001. Included in their 2001 financial reporting income is revenue on installment sales of $500,000, warranty expense of $100,000 and municipal bond interest income of $200,000 (you can assume they continue to receive the municipal bond interest every year). For tax purposes: Installment sales are taxed when collected. $300,000 was collected in 2001, and they expect to collect $100,000 in 2002, $50,000 in 2003, and $50,000 in 2004. Warranty costs are deductible for tax purposes when repairs are made. In 2001, ABC spends $50,000 on repair costs and expects to incur $30,000 in 2002 and $20,000 in 2003. Municipal bond interest is never taxed, and you can assume that they continue to collect the same municipal bond interest for 2002, 2003, and 2004. The current tax rate is 30% and it is expected to increase to 35% for 2002 and to 40% for 2003 and beyond. What is the tax payable for 2001? What is the journal entry that ABC will record at the end of 2001 to set up the deferred tax asset (or liability), and record tax expense and tax payable based on the above set of facts? How will ABC report the deferred tax asset/liability on the 2001 balance sheet [please include (1) the amount and (2) the proper classification (current/non- current and asset/liability) in your answer]?