Christine's Carrot Cakes Inc. (CCCI) began operations in 2019. The following items caused taxable income to be different than pre-tax financial income for the years ended Dec. 31, 2019 and Dec. 31, 2020: Per books Per tax return 2019 2019 Pre-tax income 600,000 n/a Taxable Income n/a ?? Depreciation expense 40,000 78,000 Meals & entertainment 38,000 19,000 Officers' life insurance expense 12,000 0 Municipal bond interest 2,000 0 Warranty expense 34,000 12,000 Bad debt expense 35,000 24,000 Fines & Violations 4,000 0 Gross profit-installment sales 100,000 25,000 Revenue/Cash advances 18,000 42,000 Per books 2020 Taxable Income Depreciation expense ?? Per tax return 2020 713,000 40,000 65,000 Meals & entertainment 52,000 26,000 Officers' life insurance expense 12,000 0 Municipal bond interest 3,000 0 Warranty expense 36,000 40,000 Bad debt expense 38,000 45,000 Fines & Violations 6,000 0 Gross profit - installment sales 110,000 75,000 Revenue/Cash advances 37,000 45,000 CCCI's tax rate is 40% for all years and the company expects to report taxable income in all future years. Instructions: Compute the following: 1 Pre-tax financial accounting (book) income adjusted for permanent differences at Dec. 31, 2019 & Dec. 31, 2020 2 Taxable inomce for the year ended Dec. 31, 2019 3 Pre-tax financial accounting (book) income for the year ended Dec. 31, 2020 b Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019 and 2020 Prepare the 2019 & 2020 income statement presentations beginning with pre-tax book income (income before tax)