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Joy Corporation: Tax payable and tax provision amounts

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Joy Corporation prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2005:

Book income before income taxes $750,000
Add temporary difference:
Construction contract revenue that will reverse in 2006 100,000
Deduct temporary difference:
Depreciation expense that will reverse in equal amounts in each of the next four years (400,000)
Taxable income $450,000

Joy's income tax rate is 35% for 2005.

Required:

1. What amount should Joy report in its 2005 income statement as the current provision for income taxes?
2. How much should Joy report as deferred income taxes on the income statement in 2005?

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