In 2022, the initial year of its existence, Garner Corporations accountant, in preparing both the income statement and the tax return, developed the following list of items causing differences between accounting and taxable income:

The company sells its merchandise under terms that causes it to recognize $320,000 of GAAP income in 2022 and to recognize $160,000 of income in 2022 and 2023 for U.S. income tax purposes.

The company has also chosen to depreciate all of its depreciable assets on an accelerated basis for tax purposes but on a straight-line basis for accounting purposes. These procedures resulted in $60,000 excess depreciation for tax purposes over accounting depreciation. The temporary difference due to excess tax depreciation will reverse equally over the three-year period from 2017-2019.

Garner leased some of its property to Simms Company on July 1, 2022. The lease was to expire on July 1, 2025, and the monthly rentals were to be $40,000. Simms, however, paid the first years rent in advance and Garner reported this entire amount on its tax return. These procedures resulted in a $240,000 difference between book and taxable incomes.

Garner owns $150,000 of bonds issued by the State of Ohio upon which 6% interest is paid annually. In 2022, Garner showed $9,000 of income from the bonds on its income statement but will never show any of this amount on its tax return.

In 2022, Garner insured the lives of its chief executives. The premiums paid amounted to $12,000 and this amount was shown as an expense on the income statement. However, this amount was not deducted on the tax return. The premiums will never be deductible for tax purposes. The company is the beneficiary.

Assuming that the GAAP income statement of Garner Company showed Income before income taxes of $1,200,000; that the enacted tax rates are 40% for all years; and that no other differences between book and taxable incomes existed, except for those mentioned above

a. Compute the 2022 income tax payable

b. Prepare a schedule of temporary differences; you do not have to schedule out when they are expected to reverse.

c. Compute the deferred tax asset and the deferred tax liability at the end of 2022.

d. Compute the net deferred tax expense for 2022.

e. Make the journal entry recording income tax expense, income tax payable, and deferred income taxes for 2022,