Milo Manufacturing uses straight-line depreciation for financial statement reporting and is able to deduct \100 of the cost of equipment in the year the equipment is purchased for tax purposes. Four years after its purchase, one of Milo's manufacturing machines has a book value of \\( \\$ 800,000 \\). There were no other temporary differences and no permanent differences. Taxable income was \\( \\$ 30 \\) million and Milo's tax rate is \25. What is the deferred tax llability to be reported in the balance sheet? Assuming that the deferred tax liability balance was \\( \\$ 248,000 \\) 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. What is the deferred tax liability to be reported in the balance sheet? Note: Enter your answer in whole dollars. Assuming that the deferred tax liablity balance was \\( \\$ 248,000 \\) the previous year, prepare the appropriate joumal entry to record income taxes this year Note: if no entry is required for a transaction/event, select \"No joumal entry required\" in the first account field. Enter your answers in whole doliars. Journal entry worksheet