Cavan Company prepared the following reconciliation between book income and taxable income for the current year Pretax accounting income Taxable income Difference Differences: (600,000) S400,ooo Interest on municipal income Lower financial depreciation Total $100,000 300,000 S400,ooo Cavan's effective income tax rate for Year 1 is 30%. The depreciation difference will reverse equally over the next three years at enacted tax rates as follows: In Cavan's Year 1 Income Statement, the current portion of its provision for income taxes should be: 180000 In Cavan's Year 1 Income Statement, the deferred portion of its provision for income taxes should be:80000 Cavan Company prepared the following reconciliation between book income and taxable income for the current year Pretax accounting income Taxable income Difference Differences: (600,000) S400,ooo Interest on municipal income Lower financial depreciation Total $100,000 300,000 S400,ooo Cavan's effective income tax rate for Year 1 is 30%. The depreciation difference will reverse equally over the next three years at enacted tax rates as follows: In Cavan's Year 1 Income Statement, the current portion of its provision for income taxes should be: 180000 In Cavan's Year 1 Income Statement, the deferred portion of its provision for income taxes should be:80000