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UTS Co, reports pretax financial income of $77,000 for 2014. The following items cause taxable income to differ from pretax financial income Excess of tax depreciation over book depreciation, $14,000. Rent revenue on the tax return is greater than financial statement rent revenue by $21,000, Fines for pollution appears as an expense of $28,000 on the income statement. Other information: Tax rate for all years is 35%. - There are no deferred taxes at the beginning of 2014. Compute taxable income and income tax payable for 2014: Prepare the journal entry to record income tax expense, deferred income taxes and income taxes payable for 2014