Mr. Gilly is the PFO of Petro Incorporated. This year, his compensation package was $625,000. Petro paid him a $500,000 0 salary during the year and accrued an unfunded liability to pay him the $125,000 balance in the year he retires at age 60, Required: a. How much compensation income does Mr. Gilly recognize this year? b. What is Petro's book expense for Mr. Gilly's current compensation? c. What is Petro's tax deduction for Mr. Gilly's current compensation? d. Assuming a 21 percent tax rate, compute Petro's deferred tax asset or deferred tax liability (Identity which) resulting from the compensation expense. Answer is not complete. s Compensation income Petro book exponse Petro's tax deduction Deferred tax asset Amount 125 000 X 125.000 S d