Deferred Tax Asset Illustration: Columbia Corporation has one temporary difference at the end of 2017 that will reverse and cause deductible amounts of $50,000 in 2018, $65,000 in 2019, and $40,000 in 2020. Columbia's pretax financial income for 2017 is $200,000 and the tax rate is 34% for all years. There are no deferred taxes at the beginning of 2017. Columbia expects to be profitable in the future. Instructions a) Compute taxable income and income taxes payable for 2017. b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017