Assume that Hutchinson Company paid $94,000 for income taxes in the year 2005. Also assume that the company had the following account balances at the beginning and end of 2005: Ending Balance Account Beginning Balance Deferred Tax Asset (Current) Deferred Tax Liability (Long-Term) Income Tax Payable $35,000 $20,000 40,000 15,000 44,000 18,000 Required: Determine the amount of tax expense recognized on Hutchinson's income statement for the year 2005