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Exercise 19-07 Complete the following statements by filling in the blanks. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be pretax financial income. If a $38,000 balance in Deferred Tax Asset was computed by use of a 20% rate, the underlying cumulative temporary difference amounts to $ Deferred taxes recorded to account for permanent differences. If a taxable temporary difference originates in 2020, it will cause taxable income for 2017 to be pretax financial income for 2020. If total tax expense is $50,000 and deferred tax expense is $65,000, then the current portion of the expense computation is referred to as current tax of $ f. If a corporation's tax return shows taxable income of $100,000 for Year 2 and a tax rate of 20%, how much will appear on the December 31, Year 2, balance sheet for "Income taxes payable" if the company has made estimated tax payments of $18,250 for Year 2? $ An increase in the Deferred Tax Liability account on the balance sheet is recorded by a to the Income Tax Expense account. h. An income statement that reports current tax expense of $82,000 and deferred tax benefit of $23,000 will report total income tax expense of $ A valuation account is needed whenever it is judged to be that a portion of a deferred tax asset realized. j. If the tax return shows total taxes due for the period of $75,000 but the income statement shows total income tax expense of $55,000, the difference of $20,000 is referred to as deferred tax

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