Please help me in answering Intermediate Accounting 16e Chapter 19 exercise 16 (16E). Thank you for your time and attention.

(Three Differences, Multiple Rates, Future Taxable Income)

(LO 1, 2) During 2017, Kate Holmes Co.'s first year of operations, the company reports pretax financial income at $250,000. Holmes's enacted tax rate is 45% for 2017 and 40% for all later years. Holmes expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2017, are summarized as follows.

	Future Years
	??2018??	??2019??	??2020??	??2021??	??2022??	??Total??
Future taxable (deductible) amounts:
Installment sales	$32,000?	$32,000?	$32,000			$?96,000?
Depreciation	6,000?	6,000?	6,000	$6,000	$6,000	30,000?
Unearned rent	(50,000)	(50,000)				(100,000)

Instructions

(a)

Complete the schedule below to compute deferred taxes at December 31, 2017.

(b)

Compute taxable income for 2017.

(c)

Prepare the journal entry to record income taxes payable, deferred taxes, and income tax expense for 2017.

Temporary Difference	Future Taxable (Deductible) Amounts	Tax Rate	December 31, 2017
			Deferred Tax
			(Asset)	Liability
Installment sales	$?96,000?
Depreciation	??30,000?
Unearned rent	(100,000)		???????	???????
Totals	$????????		?????	?????