please answer both parts (:

this is all the information I have. I need this question answered tonight or refunded please

a. Prepare a schedule of future taxable (deductible) amounts at December 31, 2022. See *Schedule of future taxable (deductible) amounts at 12/31/22' example to see how this schedule is prepared. b. Prepare the bottom section of the income statement starting with income before income taxes. See the ASC 740-10-50-9 and income statement examples to see how income tax expense should be disclosed. (3) Schedule of future taxable (deductible) amounts at 12/31/22: 2023 2024 2025 Deferred Tax Asset Liability ($9,000) $9,000 Rent income on books not included in taxable income Warranty expense not deductible on tax return in 2022 Excess of book depreciation over tax depreciation (14,000) 14,000 10,689 26,656 42,000 $79,345 Total Tax rate $23,000 21 $79,345 21 Balances at 12/31/22 Balances at 12/31/21 $ 4,830 (24,570) $16,662 (5,880) Decrease in deferred tax asset and increase in deferred tax liability for 2022 $19,740 $10.282 ASC 740-10-50-9 Income Statement Related Disclosures The significant components of income tax expense attributable to continuing operations for each year presented shall be disclosed in the financial statements or notes thereto. Those components would include, for example: . a. Current tax expense (or benefit) b. Deferred tax expense for benefit) . Income statement disclosure for 2022: $380,000 Income before income taxes Income Tax Expense: Current Deferred $ 86,100 (6,300) (79,800)* Net income $300,200 "If the two components of income tax expense are not reported on the income statement, then they must be reported in the notes to the financial statements. This is how all publicly traded corporations report income tax expense. Income statement: $418,000 Income before income taxes Income Tax Expense: Current expense Deferred expense Net income $ 92,190 3,360) ( 88,830) $329,170 = Nort Font Paragraph 1..2..3... 5. . Velcro Inc. began business in 2021. In preparing Velcro's financial statements and income tax return far 2022, you discovered the following: Velcro Inc. leased part of its office building to Sticky Inc. on September 1, 2021, for an advance payment of $156,000. The lease covers 18 months, and the advance payment was for 12 months. On September 1, 2022, Sticky paid the remaining 578,000 on the rent contract Velcro earned $25,000 of interest from its investment in U.S. Treasury bills. Velcro was fined $15,000 by the Environmental Protection Agency for polluting the air. Velcro did not appeal the EPA's decision and paid the fine in December Velcro acquired capital assets for $324,000 in 2021. For financial reporting the assets have a 6-year useful life and $0 salvage. For income taxes, the capital assets are 5-year property and cost will be recovered using the mid-year convention Year Depreciation expense Accounting Tax 2021 $54,000 5.65.000 2022 54.000 104,000 2023 54.000 62,000 2024 54.000 37.000 2025 54.000 37.000 2026 54.000 19,000 Velcro sold some real estate in 2021 for a gain of $130,000. For federal income taxes, the gain will be reported using the installment method. 2021 2022 2023 2024 Gain reported on the income statement Gain reported on tax the tax return $130,000 $28,000 40.000 40.000 22.000 In 2022, Velcro began accruing its one-year limited assurance warranty expense. For 2022, Velcro estimated its warranty expense to be $36,000. Actual warranty work done in 2022 amounted to $24,000. Additional information for 2022: . . . Income before income tax reported on the income statement Taxable income reported on line 28 of Form 1120 Tarate Estimated income tax paid each quarter Deferred tax asset at the beginning of 2022 Deferred tax liability at the beginning of 2022 $1,125,000 104.000 21% 55,000 21,840 23,730 . . Velcro Inc Schedule of Future Taxable Deductible Amounts At December 31, 2022 25. 2023 2026 2024 S 2025 $ Deferred tax Asset S Deferred tax Liability $ $ $ $ s 21 21 Brief description Gain from sale of land Warranty expense Rent received 9/1/22 Depreciation expense Totals Income tax rate Deferred tax asset and deferred tax liability balances at 12/31/22 Deferred tax asset and deferred tax liability balances at 1/1/22 Change in deferred taxes for S $ $ S the year $1. 125.000 26. Income before income taxes Income tax expense: Current Deferred Net income a. Prepare a schedule of future taxable (deductible) amounts at December 31, 2022. See *Schedule of future taxable (deductible) amounts at 12/31/22' example to see how this schedule is prepared. b. Prepare the bottom section of the income statement starting with income before income taxes. See the ASC 740-10-50-9 and income statement examples to see how income tax expense should be disclosed. (3) Schedule of future taxable (deductible) amounts at 12/31/22: 2023 2024 2025 Deferred Tax Asset Liability ($9,000) $9,000 Rent income on books not included in taxable income Warranty expense not deductible on tax return in 2022 Excess of book depreciation over tax depreciation (14,000) 14,000 10,689 26,656 42,000 $79,345 Total Tax rate $23,000 21 $79,345 21 Balances at 12/31/22 Balances at 12/31/21 $ 4,830 (24,570) $16,662 (5,880) Decrease in deferred tax asset and increase in deferred tax liability for 2022 $19,740 $10.282 ASC 740-10-50-9 Income Statement Related Disclosures The significant components of income tax expense attributable to continuing operations for each year presented shall be disclosed in the financial statements or notes thereto. Those components would include, for example: . a. Current tax expense (or benefit) b. Deferred tax expense for benefit) . Income statement disclosure for 2022: $380,000 Income before income taxes Income Tax Expense: Current Deferred $ 86,100 (6,300) (79,800)* Net income $300,200 "If the two components of income tax expense are not reported on the income statement, then they must be reported in the notes to the financial statements. This is how all publicly traded corporations report income tax expense. Income statement: $418,000 Income before income taxes Income Tax Expense: Current expense Deferred expense Net income $ 92,190 3,360) ( 88,830) $329,170 = Nort Font Paragraph 1..2..3... 5. . Velcro Inc. began business in 2021. In preparing Velcro's financial statements and income tax return far 2022, you discovered the following: Velcro Inc. leased part of its office building to Sticky Inc. on September 1, 2021, for an advance payment of $156,000. The lease covers 18 months, and the advance payment was for 12 months. On September 1, 2022, Sticky paid the remaining 578,000 on the rent contract Velcro earned $25,000 of interest from its investment in U.S. Treasury bills. Velcro was fined $15,000 by the Environmental Protection Agency for polluting the air. Velcro did not appeal the EPA's decision and paid the fine in December Velcro acquired capital assets for $324,000 in 2021. For financial reporting the assets have a 6-year useful life and $0 salvage. For income taxes, the capital assets are 5-year property and cost will be recovered using the mid-year convention Year Depreciation expense Accounting Tax 2021 $54,000 5.65.000 2022 54.000 104,000 2023 54.000 62,000 2024 54.000 37.000 2025 54.000 37.000 2026 54.000 19,000 Velcro sold some real estate in 2021 for a gain of $130,000. For federal income taxes, the gain will be reported using the installment method. 2021 2022 2023 2024 Gain reported on the income statement Gain reported on tax the tax return $130,000 $28,000 40.000 40.000 22.000 In 2022, Velcro began accruing its one-year limited assurance warranty expense. For 2022, Velcro estimated its warranty expense to be $36,000. Actual warranty work done in 2022 amounted to $24,000. Additional information for 2022: . . . Income before income tax reported on the income statement Taxable income reported on line 28 of Form 1120 Tarate Estimated income tax paid each quarter Deferred tax asset at the beginning of 2022 Deferred tax liability at the beginning of 2022 $1,125,000 104.000 21% 55,000 21,840 23,730 . . Velcro Inc Schedule of Future Taxable Deductible Amounts At December 31, 2022 25. 2023 2026 2024 S 2025 $ Deferred tax Asset S Deferred tax Liability $ $ $ $ s 21 21 Brief description Gain from sale of land Warranty expense Rent received 9/1/22 Depreciation expense Totals Income tax rate Deferred tax asset and deferred tax liability balances at 12/31/22 Deferred tax asset and deferred tax liability balances at 1/1/22 Change in deferred taxes for S $ $ S the year $1. 125.000 26. Income before income taxes Income tax expense: Current Deferred Net income