The following trial balance of Pharoah Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment. Pharoah Company Trial Balance December 31, 2017 Dr Cr Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/17 Net sales and other revenues Costs and expenses Income tax expenses $876500 2695000 2086000 7568000 $1763000 650000 84500 2346000 3675000 3524000 13540000 11170000 25582500 25582500 Other financial data for the year ended December 31, 2017: Included in accounts receivable is $1190000 due from a customer and payable in quarterly installments of $148750. The last payment is due December 29, 2019 . The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $19500 is classified as a current liability During the year, estimated tax payments of $537000 were charged to income tax expense. The current and future tax rate on all types of income is 40% In Pharoah's December 31, 2017 balance sheet