The following information is available for Billy Joel Corporation: In the year 2005, Billy Joel Corp. received $270,000 of advance ticket subscriptions. Ticket subscriptions will be recognized equally in 2006, 2007, and 2008, for . financial purposes .The entire $270,000 will be recognized in 2005 for tax purposes. . Billy Joel corporation had additional income of $50,000 each year. Tax rate is 40% Required: (1) Determine whether there is a deferred tax asset or deferred tax liability. (2) Calculate the deferred tax asset/liability for 2005. (3) Show the general journal entry for year 2005. (4) Show the general journal entry for years 2006, 2007, and 2008