The accounting records of Sweet Inc. show the following data for 2017 (its first year of operations). 1. 2. 3. 4. Life insurance expense on officers was $13,000. Equipment was acquired in early January for $317,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Sweet used a 30% rate to calculate depreciation Interest revenue on State of lowa bonds totaled $3,000. Product warranties were estimated to be $49,000 in 2017. Actual repair and labor costs related to the warranties in 2017 were $9,000. The remainder is estimated to be paid evenly in 2018 and 2019. Pretax financial income was $814,000. The tax rate is 30% 5. (a) Prepare a schedule starting with pretax financial income in 2017 and ending with taxable income in 2017 Schedule of Pretax Financial Income and Taxable income for 2017 Permanent Differences