Problem P8 Facts: ABC's tax accounting methods and GAAP accounting methods are the same except for the method used to account for advance payments from customers. Per GAAP, ABC defers recognition of such advance payments (debit cash, credit deferred revenue) and recognizes the revenue as it satisfies the performance obligation (debit deferred revenue, credit revenue). Per tax rules, ABC is taxed on the advance payments when received without regard to whether the performance obligation has been satisfied. ABC reports pretax GAAP earnings of $2,500,000 for the 12 months ended December 31, 2020. The balance in the deferred revenue liability (relating to advance payments from customers) was $300,000 at December 31, 2019 and $330,000 at December 31, 2020. Embedded in pretax GAAP earnings is interest revenue of $0 earned on bonds issued by the State of Texas; a $0 fine paid to the EPA; and $0 of insurance expense on premiums paid for a life insurance policy on the CEO for which the company is beneficiary. ABC reported a deferred tax asset of $63,000 at December 31, 2019 relating to the book/tax difference in method of accounting for the deferred revenue liability. Required: 26. Determine the amount of 2020 current federal income tax expense 27. Determine the amount of 2020 deferred federal income tax expense. 28. Determine the 12/31/2020 balance in the deferred tax asset account. 29. Determine the 12/31/2020 balance in the deferred tax liability account 30. Determine the amount of 2020 GAAP net income