Exercise 19-20 The differences between the book basis and tax besis of the assets end liabilities of Sweet Corporation at the end of 2016 ere presented below. Dook Dasis Tax Dasis so $45,400 28,300 Liigation liability ncome of $362,000 in 20 16 nd is c pected to have taxable income in ch ofthe It is estimated that the litigation liability will bc settied in 2017. The difference in accounts receivable Will mesut in taxable mounts o 28,400 2017 and $17 000 in 2018. The company has taxable i following 2 years. Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operating cycle of the business is 2 years. is the credit account titles a e automatically indented wh a amount ls entered. Do not indent manual y 1, no entry s required select manually. Ir No Ent for the prepare the curnal entry to record income tax expense deterred income oes and income taxes payable for 2016 account titles and enter for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Indicate how deferred income taxes will be reported on the balance sheet at the end of 201G Balance Sheet