Problem \#1 Excess Tax Depreciation At the beginning of 2023 , the Eastman Company purchased equipment for $800,0000. The economic life and salvage value for the equipment is 10 years and zero, respectively. For tax purposes, Eastman uses an accelerated depreciation method. This resulted in a tax benefit of $100,000. For financial reporting purposes, Eastman uses straight-line depreciation. The temporary difference because of the difference in depreciation will reverse in later years. Eastman had pre-tax accounting income of $2.2 million. The tax rate is 40% REQUIRED: 1. Compute taxable income for Eastman. Calculate income tax expense, any deferred tax amounts, and income tax payable for 2023. Prepare the journal entry for 2023. 2. Prepare a partial income statement and balance sheet for 2023