Buffalo Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $58,600 in 2021, $64,100 in 2022, and $69,000 in 2023. Buffalos pretax financial income for 2020 is $289,500, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

Compute taxable income and income taxes payable for 2020.

Taxable income		$
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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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 e.g. -45 or parentheses e.g. (45).)

Buffalo Corporation Income Statement (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an income statement item		$enter a dollar amount
select an opening section name
select an income statement item	$enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for this statement		$enter a total net income or loss amount