The following facts relate to Culver Corporation. 1. Deferred tax liability, January 1, 2017, $45,200. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $107,350. 4. Pretax financial income for 2017, $226,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $271,200. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $39,550. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, e.g. $1,525.) Income taxes payable 42940 Account Titles and Explanation Debit Credit Income Tax Expense joc Deferred Tax Asset Income Tax Payable 42940 X Deferred Tax Liability Your answer is partially correct. Try again. Prepare the income tax expense section of the income statement for 2017, beginning with number e.g. -45 or parentheses e.g. (45).) Culver Corporation Income Statement (Partial) For the Year Ended December 31, 2017 Income before Income Taxes 226,000 Income Tax Expense Current Deferred id Il Net Income / (Loss)