Hertz Co. financial statement, accounting homework help

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B) Hertz Co. prepared the following reconciliation of its pretax
financial statement income to taxable income for the year ended December
31, 2013, its first year of operations:

Pretax financial income      $300,000
Nontaxable interest received on municipal securities     (15,000)
Estimated warranties not deductible for tax purpose in 2013    35,000
Depreciation in excess of financial statement amount       (30 ,000)
Taxable income     $290,000

Hertz’s tax rate for Year 2013 and for future years is 40%.

(a) In its Year 1 income statement, what amount should Hertz report as income tax expense-current portion?
(b) In its December 31, 2013  balance sheet, what amount  should Hertz report as deferred income tax liability/asset?

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