Cheyenne Corp. sold an investment on an installment basis. The total gain of $88,800 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment-sales method for tax purposes. The installment period is 3 years; one- third of the sale price is collected in the period of sale. The tax rate was 40% in 2020, and 20% in 2021 and 2022. The 20% tax rate was not enacted in law until 2021. The accounting and tax data for the 3 years is shown below. 2020 (40% tax rate) Income before temporary difference Temporary difference Income Financial Accounting Tax Return $103,600 $103,600 88,800 29,600 $192,400 $133,200