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E19-15 (LO1,2) (Two Temporary Differences, Tracked through 3 Years, Multiple Rates) Taxable income and pretax financial income would be identical for Huber Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable Income 2016 2017 2018 Excess of revenues over expenses (excluding two temporary differences) $160,000 $210,000 $90,000 Installment gross profit collected 8,000 8,000 8,000 Expenditures for warranties (5,000) (5,000) (5,000) Taxable income $163,000 $213,000 $93,000 Pretax Financial Income Excess of revenues over expenses (excluding two temporary differences) $160,000 $210,000 $90,000 Installment gross profit recognized 24,000 -o- -o- Estimated cost of warranties (15,000) -o- -o- Income before taxes $169,000 $210,000 $90,000 The tax rates in effect are 2016, 40%; 2017 and 2018, 45%. All tax rates were enacted into law on January 1, 2016. No deferred income taxes existed at the beginning of 2016. Taxable income is expected in all future years