The year$-$end trial balance of Wright plc reports a debit balance of $4,800$ described as taxation. This amount represents an under$-$provision for the previous year's taxation. Taxation on the current year's profit is estimated at $72,800.$ Which of the following answers correctly states the taxation expense to be reported in the current year's Statement of income and, the tax liability as a current liability, in the corresponding Statement of financial position?

Tax expense: $77,600$; Tax liability: $72,800$

Tax expense: $72,800$; Tax liability: $68,000$

Tax expense: $68,000$; Tax liability: $72,800$

Tax expense: $72,800$; Tax liability: $77,600$