B Corp income tax expense adjustment

Solution is available here for U$1.50
The following trial balance of B Corp. at December 31, 2007 has been properly adjusted except for the income tax expense adjustment.
B Corp.
Trial Balance
December 31, 2007
                             Dr.                       Cr.
Cash                       $     775,000
Accounts receivable (net)         2,695,000
Inventory 2,085,000
Property, plant, and equipment (net) 7,366,000
Accounts payable and accrued liabilities     $  1,701,000
Income taxes payable                          654,000
Deferred income tax liability                 85,000
Common stock                                   2,350,000
Additional paid-in capital                          3,680,000
Retained earnings, 1/1/04                          3,450,000
Net sales and other revenues                 13,360,000
Costs and expenses 11,180,000
Income tax expenses     1,179,000
                     $25,280,000                   $25,280,000


Other financial data for the year ended December 31, 2007:
•Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2009.
•The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability.
•During the year, estimated tax payments of $525,000 were charged to income tax expense.  The current and future tax rate on all types of income is 30%.

In B's December 31, 2007 balance sheet,

13. The current assets total is
a. $6,080,000.
b. $5,555,000.
c. $5,405,000.
d. $4,955,000.

14. The current liabilities total is
a. $1,850,000.
b. $1,915,000.
c. $2,375,000.
d. $2,440,000.


15. The final retained earnings balance is
a. $4,451,000.
b. $4,536,000.
c. $4,976,000.
d. $4,905,000.