Horton Casinos recently acquired a newly built hotel and casino in Atlantic City. The cost of the complex was $4,200,000 with a 6-year useful life and no residual value expected. Horton depreciates its buildings using the straight-line method for financial reporting and an accelerated method for tax purposes. The tax depreciation percentages for the first 2 years are 20% and 32%, respectively. Horton is subject to a 35% income tax rate. i Requirements X a a. Assuming that Year 2 income before tax and depreciation is $3,300,000, determine the Year 2 income tax payable, the deferred tax provision, and income tax expense. b. Compute the deferred tax account on the balance sheet at the end of Year 2 and indicate whether the balance represents a deferred tax asset or a deferred tax liability. Print Done