The following information is available for PVP Co. at the end of 2014:

Pretax financial income	$2,500,000
Warranty expenses deducted in financial income in excess of amounts deducted for taxable income	$1,000,000
Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes	2,000,000

Assume that the income tax rate is 30%. Show calculations for 2014 (a) taxable income and current. Income taxes payable (b) deferred tax asset, and (c) deferred tax liability.