Lambda Corporation reports the following results for the current year: View the current vear results. Read the requirements. Tax Provision Process The following steps outine the approach to provide for income taxes in the financial statements. This process addresses only federal income taxes. 1. Identify temporary differences by comparing the book and tax basees of assets and liablities, and identify tax carryovers. 2. Prepare "roll forward" schedules of temporary differences that tabulate cumulative differences and current-year changes. 3. In the roll forward schedules, apply the appropriate statutory tax rates to determine the ending belances of deferred tax assets and liablitios. 4. Adjust deferred tax assets by a valuation allowance if necessary. 5. Adjust the income tax expense for uncertain tax positions if necessary. 6. Determine current federal income taxes payable, which, in many cases, also is the current federal income tax expense for book purposes. 7. Determining the total federal income tax expense (benefit). 8. Prepare and record tax related journal entries. 9. Prepare a tax provision reconciliation. 10. Prepare the tex rate reconciliation. 11. Prepare financial statements