XYZ Corporation is in its first year of operations. The company has pretax income of $400,000. The company has the following items recorded in its records. No estimated tax payments were made during year 1. Premiums on life insurance of key officer $10,000 Depreciation on tax return in excess of book depreciation 12,000 Interest on municipal bonds 5,300 Warranty expense 4,000 Actual warranty repairs 3,250 Bad debt expense 1,400 Beginning balance in allowance for uncollectible accounts 0 End balance for allowance for uncollectible accounts 800 Rent received in advance from clients that will be recognized evenly over the next three years 24,000 Tax rate for year 1 and future years 40% Prepare the following schedule for the deferred tax amounts for the year. Choose items from the following list (not all are used): Items Premium on life insurance Warranties Depreciation Bad debts Interest on municipal bonds Rent received Item Difference between taxable amount and income statement amount Classification: Deferred tax asset Deferred tax liability Current or noncurrent Deferred tax amount Complete the following table to calculate taxable income. If no adjustment is needed for a particular item enter 0 as your calculation. Pretax financial income Premiums on life insurance of key officer Interest on municipal bonds Depreciation for tax in excess of book depreciation Adjustment for warranties Adjustment for bad debts Adjustment for rent received in advance Taxable income