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KIMCPA is in its first year of operations. The company has pretax income of $200.000 and the following items recorded in its records. Estimated tax payments of $10,000 were made during Year 1. Entertainment expense $10,000 Depreciation on tax return in excess of book depreciation V 14.000 Interest on municipal bond 5.000 Ending balance for allowance for uncollectible accounts 1.000 Bad debt expense 3,500 Tax rate for Year 1 : 25% Enacted tax rate for Year 2 and thereafter : 30% Instructions (1) Prepare the statement of income during Year 1. Pre-tax financial income 200,000 Income tax expense-current Income tax expense-deferred Net income Effective tax rate 25 , 000 / 7250 (2) Prepare the tax accounts section of balance sheet as of December 31, Year 1. Income tax payable 43/25 Deferred tax assets Deferred tax liabilities 6875