GAAP and TAP tax expense. Based on the information provided, I need to:
a) Compute income tax expense for 2004 under GAAP.
b) Determine the amount of income taxes payable that would appear in the balance sheet at December 31, 2004.
c) Identify the amount of net income after taxes that the PF Company will report in its 2004 income statement.
d) Prepare the entry at December 31, 2004, to recognize income tax.
e) Identify the amounts of deferred tax assets and deferred tax liabilities that will be presented on PF's December 31, 2004 balance sheet. Will these deferred tax assets and liabilities be presented as current or long term?