Check my work Brief Exercise 16-2 Temporary difference; determine taxable income; determine prior year deferred tax amount [L016-1] Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kara's buildings has a book value of $300,000 and a tax basis of $200,000. There were no other temporary differences and no permanent differences. Taxable income was $5 million and Kara's tax rate is 35%. points eBookWhat is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax liability balance was $31,000 the previous year, prepare the appropriate journal entry to record income taxes this year Print References Complete this question by entering your answers in the tabs below Genera Balance SheetJournal What is the deferred tax liability to be reported in the balance sheet? (Enter your answer in whole dollars.) Deferred tax liabil Balance Sheet General Journal>