EFG Inc. reports the following financial information for its FY 2021. EFGs fiscal year is the calendar year.

Net Revenues $10 million

All Expenses before Depreciation $4 million

Depreciation Expense $800,000

Accounts Receivable 1/1 $1.2 million

Accounts Receivable 12/31 $1.4 million

Effective Tax Rate 20%

EFG is a cash basis taxpayer. It has a net operating loss from earlier tax years of $500,000, EFG has no other reportable relevant financial information.

What is EFGs income for FY 2021 per its income statement? ___________________

What is EFGs taxable income for FY 2021 as per its tax return? __________________

What will EFG report as income tax expense for FY 2021 on its income statement?

What will EFG show as a deferred tax liabilities and/or deferred tax assets on its books for FY 2021?