Sensational Pizza Company (SPC) began operations in 2022. In 2022 , SPC purchased equipment for $300,000 that will be depreciated straight-line over 5 years for financial accounting purposes with no salvage value. For tax purposes SPC will depreciate $120,000 in 2022,$80,000 in 2023,$60,000 in year 2024,$30,000 in 2025, and $10,000 in 2026. Sensational began franchising in 2023. Sensational Pizza sold 10 franchises for $20,000 each in 2023. Sensational recognized $200,000 in franchise revenue for financial accounting purposes in 2023 but will recognize franchise revenue for tax purposes as they receive cash payments. SPC receives franchise payments of $50,000 each for the years 2023-2026. SPC had municipal bond interest revenue of \$5,000 in all years from 2022 through 2026. SPC had pretax financial accounting income of $250,000 in 2022 and $430,000 in 2023 . The enacted marginal tax rate is 30 percent in 2022 and 2023. For 2022 and 2023 do the following. 1) Reconcile pretax financial accounting income and taxable income. 2) Determine income tax payable. 3) Determine the amount of deferred tax assets and deferred tax liabilities. 4) Provide the journal entry to record income taxes