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The following facts relate to Stellar Corporation 1 2. 3. 4 Deferred tax liability, January 1, 2020, $47.200. Deferred tax asset, January 1, 2020, 50. Taxable income for 2020, $112.100 Pretax financial income for 2020. $118,000 Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $283,200. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $41,300. Tax rate for all years. 20% The company is expected to operate profitably in the future, 5. 6. 7. 8 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 for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses es. (451) Stellar Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes Income Tax Expense v Current Deferred Net Income /(Loss) $