Create a spreadsheet that will calculate a simple tax provision for a company.

ABC Inc. is in its first year of operations and has only one difference between pretax accounting income and taxable income: Fixed assets, $300,000 historical cost, are depreciated straight-line over three years for the financial statements and are depreciated straight-line over two years for tax purposes. ABC has a pretax accounting income of $250,000. The effective tax rate for all three years is 30%. Calculate ABCs taxable income and income tax payable. Calculate the balance in ABCs deferred tax liability account at the end of the first year.

Please include calculations for deferred tax liability, income tax payable, income tax expense, and the effective tax rate.