The differences betweeen the book basis and the tax b asis of the assets and liabilities is as follows: Book Basis Tax Rate AR $50,000 -0- Litigation liability 30,000 -0- It is estimated that the litigation liability will be settled in 2009. The difference in accounts receivable will result in taxable amounts of $30000 in 2009 and $20000 in 2010. The company has taxable income of $350000 in 2008 and is expected to have taxable income in each of the following 2 years. Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operating cycle is 2 years. (a) Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008. (b) Indicate how dererred income taxes will be reported on the balance shee at the end of 2008