Question 1 (4 points)A&O Corporation has pretax financial income of $200000 for

Question 1 (4 points)A&O Corporation has pretax financial income of $200000 for 2013. The following items cause taxable income to be different than pretax financial income: Depreciation on the tax return is greater than depreciation on the income statement by $70000. Rent collected on the tax return is greater than rent earned on the income statement by $30000. Fines for pollution appear as an expense of $20000 on the income statement.The tax rate for A&O is 30% for all years and the company expects to report taxable income for all years in the future. There are no deferred taxes at the beginning of 2013. Show supporting computation for the following:b. Calculate income taxes payable for 2013.c. Show computations for deferred tax liability deferred tax asset and income tax expense for 2013.