3.67 / 11 Question 6 of 9 View Policies Show Attempt History Current Attempt in Progress Novak Corporation began 2020 with a $58,880 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $448,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $672,000, the tax rate for all years is 20%, and taxable income for 2020 is $518,400. (a) Your answer is correct. Compute income taxes payable for 2020. Income taxes payable 103680 e Textbook and Media List of Accounts 3.67 / 11 Question 6 of 9 (b) 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 e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit