The Johnson Corporation’s

The Johnson Corporation’s lead accountant shows the following information:On 1/1/2012, Johnson purchased a bottling machine for $800,000A) Straight-Line basis Depreciation for 5 years for tax purposes. (Use the half-year convention for tax purposes. Half a year of depreciation is allowable in the year of acquisition and in the year of disposition. A Company depreciates an asset to zero value so that there is no salvage value at the end of its MACRS life. Use the IRS-published MACRS table of MACRS Depreciation Rates, by Property Class. B) Use the 8-Year Useful Life for Financial Reporting.C) Tax-Exempt Municipal Bonds yielded Interest of $1,500,000 in 2013. D) Pretax financial income is $2,300,000 in 2012 and $2,400,000 in 2013. E) The company recognized an Extraordinary Gain of $150,000 in 2013 (which is fully taxable).F) Taxable Income is expected in future years with an expected tax rate of 35%.Required: 1) Compute Taxable Income & Income Taxes Payable for 2013. 2) Prepare the Journal Entries for Income tax Expense, Income Taxes Payable, and Deferred Taxes for 2013.3) Prepare the Deferred Income Taxes presentation for 12/31/2013 Balance Sheet.