Assume that a new company is set up for the purpose of a single project and invests $1,000,000 in an asset that has a useful life of 10 years with no residual value. At the end of the 10th year, the asset will be scrapped and the company will be wound up. The company earns before tax income of $150,000 per year for each of the 10 years. No new capital asset acquisitions/disposals occur throughout the life of the project. Assume a tax rate of 40%. The CCA rate on the asset is 25%. Calculate the income tax expense for this project for each of the 10 years. What will be the balance sheet impact of income taxes?