On January 1 of this year, Berkshire Hathaway purchased a piece of equipment for $90,000. The following tables reflect how Berkshire is depreciating the equipment for financial reporting purposes and for tax purposes: Fiscal Year Ending TAX Depreciation Expense Accumulated Depreciation Book Value 90,000 60,000 19,995 0 Year 1 Year 2 Year 3 30,000 40,005 19,995 30,000 70,005 90,000 Fiscal Year Ending FINANCIAL REPORTING Depreciation Accumulated Expense Depreciation Book Value 90,000 60,000 30,000 0 Year 1 Year 2 Year 3 30,000 30,000 30,000 30,000 60,000 90,000 Use the information above to fill in the deferred tax liability column below: FINANCIAL REPORTING Deferred Tax Liability Fiscal Year Ending Year 1 Year 2 Year 3 Revenue 200,000 200,000 200,000 Taxable Income 170,000 170,000 170,000 Tax Expense 59,500 59,500 59,500 Use the information above to fill in the deferred tax liability column below: (Leave no cell blank. Enter "O" when the answer is zero. Round your final answers to nearest whole dollar amount. Decrease in account balance should be indicated by a minus sign.) Fiscal Year Ending Year 1 Deferred Tax Liability FINANCIAL REPORTING Taxable Revenue Tax Expense Income 200,000 170,000 59,500 200,000 170,000 59,500 200,000 170,000 59,500 Year 2 Year 3 Journal entry worksheet Record the income tax expense for financial reporting purposes at the end of fiscal year 2. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet N Record the income tax expense for financial reporting purposes at the end of fiscal year 3. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal