Question 3 (7 marks) At the end of the year, a deductible temporary difference of $40 million has been recognised due to the difference between the carrying amount of a liability account for estimated expenses and its tax base. Taxable income is $50 million. No temporary differences existed at the beginning of the year, and the tax rate is 35%. Required: a) Prepare the journal entry(s) to record income taxes during the period. (4 marks) ANSWER a): b) How much will income tax expense be shown in the income statement? (1 mark) ANSWER b): c) What will be the balance sheet disclosure during the period regarding taxes? (2 marks) ANSWER c)