Exercise 16-1 (Algo) Temporary difference; taxable income given [LO16-1, 16-2, 16-8] Alvis Corporation reports pretax accounting income of $560,000, but due to a single temporary difference, taxable in $370,000. At the beginning of the year, no temporary differences existed Required: 1. Assuming a tax rate of 25%, what will be Alvis's net income? 2. What will Alvis report in the balance sheet pertaining to income taxes? Complete this question by entering your answers in the tabs below. Assuming a tax rate of 25%, what will be Alvis's net income