South Carolina Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $55,000 in 2015, $60,000 in 2016, and $65,000 in 2017. South Carolina's pretax financial income for 2014 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2014.Instructions(a) Compute taxable income and income taxes payable for 2014.(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014.(c) Prepare the income tax expense section of the income statement for 2014, beginning with the line ?Income before income taxes.?

Following are the solution to the given question:

Explanation:

For point a:

Calculating taxable income tax payable in accordance with the following figures:

For point b:

Following are the journal:

                                  Deferred tax liability                          

Calculating the deferred tax liability:

Deferred tax liability      

For point c:

Following are the preparation of the income tax section for the income statement session 2014:

Defensed                

idk

explanation:

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.