P 16-2 Temporary difference; determine deferred tax amount for three years (6) LO163 Times-Roman Publishing Company reports the following amounts in its first three years of operation: The difference between pretax neceounting income and taxable income is due to subseription revenue for one-year magazine subseriptions being reported for tax purposes in the year received. but reported in the income statement in later years when the performance obligation satisfied. The income tax rate is 25$ each jear. Times-Roman anticipates profitable operations in the future. Required: 1. What is the balanee sheet account that gives rise to a temporary difference in this situation? 2. For each year, indicate the cumulative amount of the tenoporary difference at yearend. 3. Determine the balance in the related deferied tax account at the end of coch year. Is it a deferred tax asset or a deferred tax liability