Finish the required questions and fill all the blue shaded blanks, please.

"Deferred Tax Asset/(Liability)" instead of "Deferred tax expense"

Book/Tax Differences Temporary Permanent Difference Reason Book 4,800 1,000 20 5,820 Sales Installment sales Interest Income Required: Determine which book/tax differences are temp or perm Calculate and enter Federal income tax expense Prepare journal entry to record tax expense Calculate Effective Tax Rate Prepare Deferred Tax Reconcilation for Financial stmt footnote Tax 4,800 300 (700) (15) Payments not received municipal bond interest 5 5,105 2,350 2,350 Assumptions: DTA and DTL beginning balances = 0 All DTAs and DTLs are reasonably expected to be realized Disregard state & local tax effects on effective tax rate 20 estimate 70 140 MACRS N/D penalties 55 180 180 COGS Bad Debt Expense Advertising Depreciation Fines & Penalties Legal & Accounting Fees Life Insurance premiums Entertainment Wages & Benefits Taxes (sales, payroll, property) State & Local Income Tax Warranty Expense 10 N/D premiums N/D entertainment 60 825 120 40 825 120 40 50 3,905 1,915 25 Deduct when expensed 3,770 1,335 Pre-Tax Net Income Federal Income tax expense NOL carryforward from PY NET INCOME 75 PY NOL carryforward 1,915 1,260 Income Tax Journal Entry 21% Federal Tax Rate Federal Income Tax Liability Total temporary differences Deferred tax expense Total Federal Tax provision Effective Tax Rate NAME: CLASS TIME: Disclosure of Deferred Tax Assets & Liabilities Add lines as needed Current Year End Identify differences by BALANCE SHEET accounts Deferred Tax Assets: Assume all prior year ending balances = 0 Tot Deferred Tax Liabilities: Total Deferred Tax Liabilities Net Deferred Tax Asset/(Liability) Book/Tax Differences Temporary Permanent Difference Reason Book 4,800 1,000 20 5,820 Sales Installment sales Interest Income Required: Determine which book/tax differences are temp or perm Calculate and enter Federal income tax expense Prepare journal entry to record tax expense Calculate Effective Tax Rate Prepare Deferred Tax Reconcilation for Financial stmt footnote Tax 4,800 300 (700) (15) Payments not received municipal bond interest 5 5,105 2,350 2,350 Assumptions: DTA and DTL beginning balances = 0 All DTAs and DTLs are reasonably expected to be realized Disregard state & local tax effects on effective tax rate 20 estimate 70 140 MACRS N/D penalties 55 180 180 COGS Bad Debt Expense Advertising Depreciation Fines & Penalties Legal & Accounting Fees Life Insurance premiums Entertainment Wages & Benefits Taxes (sales, payroll, property) State & Local Income Tax Warranty Expense 10 N/D premiums N/D entertainment 60 825 120 40 825 120 40 50 3,905 1,915 25 Deduct when expensed 3,770 1,335 Pre-Tax Net Income Federal Income tax expense NOL carryforward from PY NET INCOME 75 PY NOL carryforward 1,915 1,260 Income Tax Journal Entry 21% Federal Tax Rate Federal Income Tax Liability Total temporary differences Deferred tax expense Total Federal Tax provision Effective Tax Rate NAME: CLASS TIME: Disclosure of Deferred Tax Assets & Liabilities Add lines as needed Current Year End Identify differences by BALANCE SHEET accounts Deferred Tax Assets: Assume all prior year ending balances = 0 Tot Deferred Tax Liabilities: Total Deferred Tax Liabilities Net Deferred Tax Asset/(Liability)