Starwood Capital Group is a private investment firm headquartered in Miami, Florida. Starwood Capital Group reports pretax accounting income of $$380,000$ on its income statement. However, because of a single temporary difference, taxable income is only $$235,000$ on its corporate tax return. At the beginning of the year, no temporary differences existed.

Required:

$1.$ Assuming a tax rate of $25\%,$ what will be Starwood's net income?

$2.$ What will Starwood report in the balance sheet pertaining to income taxes?