Sheridan company's trial balance reflected the following account balances at december 31, 2017:

accounts receivable (net) $37,000
trading securities 11,500
accumulated depreciation on equipment and furniture 29,000
cash 33,000
inventory 58,500
equipment 45,000
patent 9,000
prepaid expenses 3,700
land held for future business site 36,500

in sheridan’s december 31, 2017 balance sheet, the current assets total is:

a. $212500.
b. $234300.
c. $146500.
d. $218300.

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."