Comprehensive At the beginning of 2013, Norris Company had a deferred tax liabil

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Comprehensive At the beginning of 2013, Norris Company had a deferred tax liability of $6,700, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial reporting. The income tax rate is 30% for 2012 and 2013, but in 2012 Congress enacted a 40% tax rate for 2014 and future years. Norris's accounting records show the following pretax items of financial income for 2013: income from continuing operations, $129,000 (revenues of $365,000 and expenses of $236,000); gain on disposal of Division F, $25,300; extraordinary loss, $20,700; loss from operations of discontinued Division F, $8,000; and prior period adjustment, $15,000, due to an error that understated revenue in 2012. All of these items are taxable; however, financial depreciation for 2013 on assets related to continuing operations exceeds tax depreciation by $6,600. Norris had a retained earnings balance of $179,000 on January 1, 2013, and declared and paid cash dividends of $36,000 during 2013.

Show the related income tax disclosures on Norris's December 31, 2013, balance sheet.

I'll need the following information to place into a spreadsheet:

Income taxes payable

Deferred Income Taxes

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