Need assistance with Q12, details please!

012. Deferred income taxes. Hunt Co. at the end of 2015, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income Estimated warranty expenses deductible for taxes when paid Extra depreciation Taxable income per IRS form 1120 S 750,000 1,200,000 (1,650,000) 300,000 Estimated warranty expense of $800,000 will be deductible in 2016, $300,000 in 2017, and $100,000 in 2018. The depreciable assets will result in taxable amounts of $550,000 in each of the next three years Instructions (a) Prepare a table of future taxable and deductible amounts. (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015, assuming an income tax rate of 40% for all years