P13-9A The accounting (not the income tax) records of Solarex Energy Corporation provide the income statement for 20X4. Total revenue. Expenses: $930,000 Cost of goods sold $430,000 Operating expenses. 270,000 Total expenses before tax. 700,000 Income before income tax, $230,000 The operating expenses include depreciation of $50,000 computed on the straight-line method. In calculating taxable income on the tax return. Solarex uses the modified accelerated cost recovery system (MACRS). MACRS depreciation was $80,000 for 20X4. The corporate income tax rate is 35%. Required 1. Compute taxable income for the year. 2. Journalize the corporation's income tax for 20X4. 3. Prepare the corporation's single-step income statement for 20X4.