Part B At the end of 2021, the differences between the book basis and tax basis of the assets and liabilities of Layne Corporation are presented below. Accounts receivable Book Basis $90,000 40,000 Tax Basis $ -0- Litigation liability It is estimated that the litigation liability will be settled in 2022. The difference in accounts receivable will result in taxable amounts of $60,000 in 2022 and $30,000 in 2023. The company has taxable income of $450,000 in 2021 and is expected to have taxable income in each of the following 2 years. Its enacted tax rate is 25% for all years. This is the company's first year of operations. Required 1. Calculate the ending balance for any deferred tax assets or liabilities, income taxes payable and income tax expenses. (10 marks) 2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2021. (5 marks) Calculate with proper workings on the movement of deferred tax assets / liability through journal entry.