15 Aug Complete requirements 1 to 7 for Case Study Part A and requi

Complete requirements 1 to 7 for Case Study Part A and requirements 1 and 2 for Case Study Part B in Excel.Please submit your solution to the case as a multimedia piece with at least a 2-minute narration summarizing your findings.Case Study Part AScenarioSuperSports Inc.reported pretax financial income of $260,000 for the year 2016. Taxable income of SuperSports is however different from its pretax financial income because of the items given below.Depreciation deducted on the tax return is $40,000 greater than the depreciation charged on Income Statement.Estimated Warranties Expenses charged to Income Statement is $30,000 but Warranties expenses deductible on tax return are $20,000$3,200 appear in the income statement of SuperSports as Fines and penalties paid.SuperSports received $ 6,000 interest from Tax Saving Municipal Bonds.Enacted Tax Rate for the year 2016 is 30% and for 2017 is 35%Required: For the year 2016, SuperSports Inc. requests you to:Identify items of permanent and temporary difference from the information givenWhat items of temporary difference result in future taxable amounts and what items will result in future deductible amountsCompute Taxable IncomeCompute current income tax expense/Tax payableCompute deferred taxes ( Deferred Tax Liability and Deferred Tax Asset)Record journal entry for Income Tax ExpenseShow how deferred taxes will be reported in the Balance Sheet.Case Study Part BSuperSports provides you the following pension data for the year 2016.Item Service Cost, 2016$248,000Projected Benefit Obligation, January 2016$340,000Plan assets (fair value), Januray 1, 2016$360,000Prior Service Cost – AOCI (2016 amoritization, $25,000)$250,000Net Loss – AOCI (2016 amoritization, $10,000)$110,000Actual Return on Plan Assets$45,000Interest rate and expected return on plan assets10%Contributions made to plan assets during 2016$175,000SuperSports requests you to:Compute pension expense for the year 2016Record 2016 journal entry for pension expenseGrading RubricsCase Study Part ARequirementDescriptionPoints1Correct identification of all items permanent and temporary difference122Correct determination of future taxable and future deductible items63Computation of correct Taxable Income204Computation of correct Income Tax Payable/ Current Income Tax Expense105Correct computation of deferred taxes106Correct journal entry with correct debit/credit and correct account names and amount107Correct classification of deferred taxes for balance sheet purpose7 Case Study Part BRequirementDescriptionPoints1Computation of correct pension expense amount152Correct journal entry with correct debit/credit and correct account names and amount10TOTAL POINTS POSSIBLE100