Valley Publishing 11 Please complete the income tax work papers (N section) then make sure that all of the work papersare saved in one Excel file with proper cross referencing of the work papers.Please make sure to complete each of the items listed below:

Item Pts Calculate income tax payable5.0Calculate current & deferred income taxes10.0Tax Memo2.0Senior Memo & Conlusion10.0Final Trial Balance (including cross referencing)55.0Final Analytic review15.0Management letter comments8.0Balance Sheet15.0Statement of income & retained earnings15.0Cash flow statement15.0Total points earned150.0