The following differences enter into the reconciliation of financial income and taxable income of Bunker Company for the year ended December 31, 2014, its first year of operations. The enacted income tax rate is 30% for Excess tax depreciation will reverse equally over a four-year period, 2015-2018. It is estimated that the litigation liability will be paid in 2018. Rent revenue will be recognized during the last year of the lease, 2018. Interest revenue from the New York bonds is expected to be $20,000 each year until their maturity at the end of 2018. Instructions Prepare a schedule of future taxable and (deductible) amounts. Prepare a schedule of the deferred tax (asset) and liability attheendof2014. Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2014