At the beginning of $2019,$ Norris Company had a deferred tax liability of $$6,400,$ because of the use of MACRS depreciation for income tax purposes and units$-$of$-$production depreciation for financial reporting. The income tax rate is $30\%$ for $2018$ and $2019,$ but in $2018$ Congress enacted a $40\%$ tax rate for $2020$ and future years.

Norris$$s accounting records show the following pretax items of financial income for $2019$: income from continuing operations, $$120,000($revenues of $$352,000$ and expenses of $$232,000)$; gain on disposal of Division F$,$ $$23,000$; loss from operations of discontinued Division F$,$ $$10,000$; and prior period adjustment, $$15,000,$ due to an error that understated revenue in $2018.$ All of these items are taxable; however, financial depreciation for $2019$ on assets related to continuing operations exceeds tax depreciation by $$5,000.$ Norris had a retained earnings balance of $$161,000$ on January $1,2019,$ and declared and paid cash dividends of $$32,000$ during $2019.$

Required:

$1.$ Prepare Norris$$s income tax journal entry at the end of $2019.$

$2.$ Prepare Norris$$s $2019$ income statement.

$3.$ Prepare Norris$$s $2019$ statement of retained earnings.

$4.$ Show the related income tax disclosures on Norris$$s December $31,2019,$ balance sheet.