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This example includes a company not in its first year of operations, with a beginning balances in its deferred tax asset and liability accounts. The following information relates to XWV Co.: TRENERE 000 1/1/16 Deferred tax liability balance $60,000 1/1/16 Deferred tax asset balance $12,000 2016 taxable income: $270,000 No permanent differences in 2016 Tax rate for all years: 30% Income before taxes is $600,000 Cumulative temporary difference at 12/31/16 that will result in future taxable amounts is $180,000 Cumulative temporary difference at 12/31/16 that will result in future deductible amounts is $90,000 Prepare the 2016 journal entry to record income taxes: Prepare 2016 portion of income statement reporting taxes