The following information has been obtained for the Warner Corporation. 1. 2017 is the first year of operations 2. Pretax financial income is $1,700,000 in 2017 3. The company collected $190,000 of revenue on January 1, 2017. For accountingpurposes, the company will recognize one-half of the revenue in 2017 and the other half in 2018. $190.000 is recognized when received (2017). For tax purposes, the entire Interest of $60,000 was earned on tax-exempt municipal obligations in 2017 5. On January 1, 2017 the company purchased a piece of equipment costing $40,000. For tax purposes it is For accounting purposes it is being depreciated on a straight- deductible entirely in the year purchased. line basis over 4 years with no salvage valuc. 6. In 2017, Warner Corporation accrued warranty expense exceed its cash payments for warranties by $25,000. A deduction is not allowed for taxes until the cash is paid. 7. The enacted tax rates existing at December 31, 2017 is 35% we expect a future tax rate decrease to 30%. The decreased tax rate of 30% is greatly anticipated and will be voted on shortly by Congress. REQUIRED: a. Prepare the 2017 tax schedule showing the reconciliation between pretax financial income and taxable income and the deferred tax accounts. Set up your problem similar to what we did in class. Propare the journal entry to record income tax expense and all related accounts for 2017 c. Prepare the income tax expense section of the income statement for 2017, beginning with the line (Be sure to show current and deferred portions). Income before income taxes