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Question 21 0 out of 5 points A reconciliation of pretax financial statement income to taxable income is shown below for Chan Inc. for the

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Question 21 0 out of 5 points A reconciliation of pretax financial statement income to taxable income is shown below for Chan Inc. for the year ended December 31, 2018, its first year of operations. The income tax rate is 40%. Pretax accounting income (income statement) $ 500,000 Inventory impairments in excess of deductible amount 40,000 Depreciation in excess of financial statement amount (120,000) Taxable income (tax return) 420,000 The inventory impairments relate to Chan's Columbian tax return. The depreciation relates to Chan's U.S. tax return. What amounts) should Chan report related to deferred income taxes in its 2018 balance sheet

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