Vail Inc. pays an insurance premium of $15,000 on December 31 of Year 1, for casualty insurance coverage for Year 2. For GAAP purposes, Vail Inc. records prepaid insurance (debit Prepaid Insurance and credit Cash). Tax laws in this case allow it as a tax-deductible expense in Year 1. Thus, Vail Inc. has a tax deduction in Year 1, but for financial reporting, reports an expense in Year 2. Pretax accounting income of Vail Inc. was $40,000 during 2020, and $25,000 during 2021. The tax rate for Year 1 and 2 is 25%. Pretax GAAP income Year 1 Year 2 Taxable Total income Year 1 Year 2 Total Revenue 100,000 100,000 Revenue 100,000 100,000 Insurance Insurance premium (15.000) premium (15,000) Other Other expenses (60,000) (60,000) expenses (60,000) (60,000) Pretax GAAP income 40,000 25,000 65,000 Pretax GAAP income 25,000 40.000 65,000 1 1 point Fill out the schedule below. Do not use thousand comma separators. Also, if it is a negative amount, indicate it as sign (for example-5000) Future taxable Future taxable Pretax accounting income Current Year 1 type you (deductible) Year 2 (deductible) total temporary difference type you type your an type your an Insurance premium type you taxable income Income tax rate 25% 25% type you current income tax payable type your an Deferred liability (ending bal)