Exercise 14-4 Determining current portion of tax expense (LO 14-2, LO 14-4, LO 14-9) For the year ended December 31, 20X1, Tyre Company reported pre-tax financial statement income of $750,000. Its taxable income was $650,000. The difference was due to the use of accelerated depreciation for income tax purposes and straight-line for financial reporting. Tyre's income tax rate is 21%, and it made estimated tax payments of $54,000 during 20X1. Required: 1. What amount should Tyre report as the current portion of income tax expense for 20X1? 2. What amount should Tyre report as the deferred portion of income tax expense for 20X1? 3. Prepare the journal entry Tyre would make to record 20x1 taxes. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 1. What amount should Tyre report as the current portion of income tax expense for 20X1? 2. What amount should Tyre report as the deferred portion of income tax expense for 20X1? Amount 1. Current portion of tax expense 2. Deferred portion of tax expense