Reporting Deferred Income Taxes (Supplement B)The annual report for Starbucks contains the...

Reporting Deferred Income Taxes (Supplement B)

The annual report for Starbucks contains the following information (in millions): Income Taxes

Income Taxes

The provision for income taxes consisted of the following (in millions):

Required:

1. Determine whether tax expense is higher or lower than taxes payable for each year.

2. Is the deferred tax liability reported on the 2008 balance sheet $111.1 million? Explain.