Problem 19-4 (Part Level Submission) The accounting records of Shinault Inc. show the following data for 2014. 1. Life insurance expense on officers was $9,600. 2. Equipment was acquired in early January for $319,600. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Shinault used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $4,500. 4. Product warranties were estimated to be $57,600 in 2014. Actual repair and labor costs related to the warranties in 2014 were $12,900. The remainder is estimated to be paid evenly in 2015 and 2016. 5. Gross profit on an accrual basis was $118,700. For tax purposes, $78,200 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $4,800. 7. Pretax financial income was $840,500. The tax rate is 30%. Collapse question part (a) Prepare a schedule starting with pretax financial income in 2014 and ending with taxable income in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Schedule of Pretax Financial Income and Taxable Income for 2014 Pretax financial income $ Permanent differences Bond Interest RevenueInsurance ExpenseInterest ExpensePollution FinesDepreciation ExpenseRepair and Labor CostsInstallment SalesWarranty Expense Installment SalesPollution FinesInterest ExpenseBond Interest RevenueDepreciation ExpenseWarranty ExpenseRepair and Labor CostsInsurance Expense Bond Interest RevenueDepreciation ExpenseInstallment SalesRepair and Labor CostsPollution FinesWarranty ExpenseInterest ExpenseInsurance Expense Temporary differences Bond Interest RevenueWarranty ExpenseInterest ExpenseInstallment SalesPollution FinesDepreciation ExpenseRepair and Labor CostsInsurance Expense Interest ExpenseInstallment SalesInsurance ExpenseDepreciation ExpenseWarranty ExpenseBond Interest RevenuePollution FinesRepair and Labor Costs Bond Interest RevenueWarranty ExpensePollution FinesDepreciation ExpenseInterest ExpenseInstallment SalesRepair and Labor CostsInsurance Expense Taxable income Show List of Accounts Link to Text Attempts: 0 of 3 used Save for later Submit Answer Expand question part (b) The parts of this question must be completed in order. This part will be available when you complete the part above.