Exercise 19-5 The following facts relate to Tamarisk Corporation. 1. Deferred tax liability, January 1, 2017, $46,400. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $110,200. 4. Pretax financial income for 2017, $232,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $278,400. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $40,600. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, e.g. $1,525.) Income taxes payable 44080 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest dollar amount, e.g. $1,525.) Account Titles and Explanation Debit Credit Income Tax Expense 120640 76560 | Income Tax Payable 44080 LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes." (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Tamarisk Corporation Income Statement (Partial) December 31, 2017 Your answer is partially correct. Try again. Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes." (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Tamarisk Corporation Income Statement (Partial) December 31, 2017 231000 > 44080 X 76560 120640 111360