Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kara's bulidings has a book value of $1,040,000 and a tax basis of $780,000. There were no other temporary differences and no permanent differences. Taxable income was $5 million and Kara's tax rate is 25\%. What is the deferred tax liability to be reported in the balance sheet? Assuming that the defetred tax liability balance was $36,000 the previous yoar, prepare the appropriate journal entry to record income taxes this year. Complete this question by entering your answers in the tabs below. What is the deferred tax lability to be reported in the balance sheet? Note: Enter your answer in whole dollars Kara Fashions uses straight-line depreciation for financial stotement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kare's buildings has a book value of $1,040,000 and a tax besis of $780,000. There were no other temporary differences and no permanent differences. Toxable income was 55 million and Kara's tax rate is 2.5\%. What is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax flability balance was $36,000 the previous year, prepare the appropriate journal entry to record income taxes this year. Complete this question by entering your answers in the tabs below. Assuming that the deferred tax liablity balance was $36,000 the previous yeac, prepare the appropilate journal entry to record income:texes this year. Nose. If no entry is required for a transactoryevent; select "No journat entry required" in the first account feid. Enter your answers in whole dollars. Journal entry worksheet