Question 1 (10 marks) Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: (a) Assuming a tax rate of 35%, calculate the tax payable for the company. (3 Marks) ANSWER a): ** Answer box will enlarge as you type (b) How much will the deferred tax assets or liabilities be for the period? (4 marks) ANSWER b): (c) What will Alvis report in the balance sheet about income taxes? ANSWER c): (3 marks) MacBook Air Focus