This year, Gumowski Company has each of the following items in its income statement. 1. 2. Gross profits on installment sales. Revenues on long-term construction contracts. Estimated costs of product warranty contracts. Premiums on officers' life insurance policies with Gumowski as beneficiary. 3. 4. Indicate where deferred income taxes are reported in the financial statements. W B 1 V T, TIK ili III 33 99 DIE II 1 1 1 O Word(s) Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition W , T TY Iul WW1 IM UM 99 = 1 t