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2. The accounting records for Liepins Inc. show the following data for 2017: Life insurance expense on officers was $7,000. Equipment was acquired in early January for $450,000. Straight-line depreciation over a 6 year life is used with no salvage value. For tax purposes, Pinecone used a 30% rate to calculate depreciation. Interest revenue on municipal bonds totaled $3,600. Fines incurred for securities violations were $10,600. Sales on an accrual basis were $500,000. For tax purposes, $400,000 was recorded on the installment method. Product warranties were estimated to be $90,000 in 2017. Actual repair and labor costs related to the warranties in 2017 were $24,000. The remainder is estimated to be paid evenly in 2018 and 2019. Pretax financial income was $460,000. The tax rate is 40%. a. b. c. d. e. f. g. Instructions (1) Prepare a schedule starting with pretax financial income and ending with taxable income (2) Prepare the journal entry for 2017 to record income tax payable, income tax expense, and deferred income taxes