answer to first part of question is given if needed. please answer parts a & b in second image

Fox Corporation purchased a machine on January 1 of Year 1 that cost $36,000. The machine had an estimated service life of five years and no residual value. Fox uses straight-line depreciation for accounting purposes and accelerated depreciation for the income tax return as follows: Year 1, 30\%; Year 2, 25\%; Year 3, 20\%; Year 4, 15\%; and Year 5, 10\%. Taxable income on the tax return for Year 1 was $135,000. The Year 1 income statement also showed a $13,500 expense for premiums paid for life insurance policies on company executive officers. The income tax rate is 25% in Year 1 and 35% in all subsequent years. Immediate Expensing for Tax Depreciation a. Prepare a schedule to determine deferred tax balances on December 31 of Year 1 through Year 5. Note: Do not use negative signs with your answers. b. Record the income tax journal entry on December 31 of Year 1. Please answer all parts of the question. Fox Corporation purchased a machine on January 1 of Year 1 that cost $36,000. The machine had an estimated service life of five years and no residual value. Fox uses straight-line depreciation for accounting purposes and accelerated depreciation for the income tax return as follows: Year 1, 30\%; Year 2, 25\%; Year 3, 20\%; Year 4, 15\%; and Year 5, 10\%. Taxable income on the tax return for Year 1 was $135,000. The Year 1 income statement also showed a $13,500 expense for premiums paid for life insurance policies on company executive officers. The income tax rate is 25% in Year 1 and 35% in all subsequent years. c. Repeat requirements a and b assuming instead that the machine is 100% expensed in Year 1 for tax purposes. a. Prepare a schedule to determine deferred tax balances on December 31 of Year 1 through Year 5 Note: Do not use negative signs with your answers. b. Record the income tax journal entry on December 31 of Year 1. Please answer all parts of the