5. Prepare the journal entry for Tacksirkule Corporation's current and deferred income tax expense, income tax payable, and the increase or decrease in net deferred tax assets or liabilities for financial reporting purposes in 2020. Please show your work. 6. During its first year of business in 2020, Lausezrkn Otkuhl Corporation incurred a $1,950,000 net operating loss for book purposes. In the same year, Lausczrkn Otkuhl's tax depreciation deduction exceeded book depreciation expense by $100,000 resulting in the corporation's only other book-tax difference. Assuming a 25 percent tax rate, prepare the journal entry related to the current and deferred income tax expense, income tax payable, and the net increase or decrease in deferred tax assets or liabilities for financial reporting purposes in 2020. MacBook Air