Rowen, Inc. had pre-tax accounting income of $900,000 and a tax rate of 40% in 2010, its first year of operations. During 2015 the company had the following transactions:

Received rent from Jane, Co. for 2016	$32,000
Government bonds interest income	$40,000
Depreciation for tax purposes in excess of book depreciation	$20,000
Installment sales revenue to be collected in 2016	$54,000

89. For 2015, what is the amount of income taxes payable for Rowen, Inc?

a. $301,600

b. $327,200

c. $343,200

d. $386,400

90. At the end of 2015, which of the following deferred tax accounts and balances is reported on Rowen, Inc.s statement of financial position?

Account _ Balance

a. Deferred tax asset $12,800

b. Deferred tax liability $12,800

c. Deferred tax asset $20,800

d. Deferred tax liability $20,800