P owns 60% of S and has control. The 2022 income statements of both companies are shown below. P S Revenues $75,000 $63,500 Miscellaneous Expenses $20,000 $20,000 Depreciation Expense $17,000 $11,000 On January 1, 2022, S sold equipment to P at a profit of $7,250 (before tax). The fiscal year end is December 31. In addition to the information above, you were advised that on the same day P sold machinery to S at a profit ( before tax) of $5,750. Assume both the equipment and machinery had a remaining useful life of 23 years, and was being depreciated straight line with no residual value. You can assume there were no other pre-tax expenses for P or S, other than what is in the table above. (some hints - remember differences between downstream and upstream, and how one does impact nci. Also remember how as asset is consumed how profit is realized on the sale of an intercompany depreciable asset). (a) Calculate the amount of consolidated income tax expense appearing on the 2022 income statement, assuming a tax rate of 35%. (B) Calculate the amount of Deferred Tax that would appear on the consolidated balance sheet for 2022. Assume a tax rate of 40%