What amounts labo report as deferred tax liabilities, Taxation

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What amounts labo report as deferred tax liabilities

Problem

Labo Corp.'s Year 1 pretax income for financial reporting was $125,000, which included a $17,000 penalty for operating without a proper retail license and a $15,000 depreciation expense. MACRS depreciation on the tax return was $22,000. The enacted tax rates are 25% in Year 1 and 30% in future years. What amounts should Labo report as current and deferred tax liabilities on its Year 1 balance sheet?

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