Calculating and Reporting Income Tax Expense Lynch Company began operations in 2019. The company reported $24,000 of depreciation expense on its income statement in 2019 and $26,000 in 2020. On its tax returns, Lynch deducted $32,000 for depreciation in 2019 and $37,000 in 2020. The 2020 tax return shows a tax obligation (liability) of $12,000 based on a 25% tax rate. Required a. Determine the temporary difference between the book value of depreciable assets and the tax basis of these assets at the end of 2019 and 2020. 2019 $ 8,000 2020 $ 19,000 b. Calculate the deferred tax liability for each year. 2019 $ 0x 2020 $ 0x c. Calculate the income tax expense for 2020. $ 0. d. Prepare a journal entry to record income tax expense and post the entry to the appropriate T-accounts for 2020. Description Debit Credit Income tax expense Ox 0 Income taxes payable 0 0x Deferred tax liability 0 0x Income Tax Expense (E) Deferred Tax Liability (L) 0 Income Taxes Payable (L) 00x OX