P13-9B The accounting (not the income tax) records of Fox Security Systems, Inc.. provide the income statement for 20X3. Total revenue. Expenses: $680,000 Cost of goods sold. $290.000 Operating expenses. 180,000 Total expenses before tax. 470,000 Income before income tax $210,000 The operating expenses include depreciation of $40,000 computed under the straight-line method. In calculating taxable income on the tax return, Fox uses the modified accelerated cost recovery system (MACRS), MACRS depreciation was $50,000 for 20X3. The corporate income tax rate is 40%. Required 1. Compute taxable income for the year. 2. Journalize the corporation's income tax for 20X3. 3. Prepare the corporation's single-step income statement for 20X3.