For calendar 2020, the first year of Peanuts Corp.'s operation, it prepared the following reconciliation of accounting income to taxable income: Pre-tax accounting income $ 950,000 Deduct permanent difference Dividends income from another tax paying Canadian firm (100,000) Deduct reversible difference Depreciation expense, which will reverse in equal amounts in each of the next four years (400,000) Taxable income $ 450,000 Peanut's income tax rate is 25% for all years. What income taxes should the corporation report in its 2020 balance sheet? Income Tax Payable of $112,500 and Deferred Tax Assets of $100,000 Income Tax Payable of $112,500 and Deferred Tax Liability of $125,000 Income Tax Payable of $112,500 and Deferred Tax Liability of $100,000 Income Tax Payable of $112,500 and Deferred Tax Asset of $125,000