1. Deferred tax liability, January 1,2020,$48,000. 2. Deferred tax asset, January 1,2020,$0. 3. Taxable income for 2020,$114,000. 4. Pretax financial income for 2020,$120,000. 5. Cumulative temporary difference at December 31,2020, giving rise to future taxable amounts, $288,000. 6. Cumulative temporary difference at December 31,2020, giving rise to future deductible amounts, $42,000. 7. Tax rate for all years. 20%. 8. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 . (Credit' account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo account titles and enter O for the amounts.)