Concord Corp. sold an investment on an installment basis. The total gain of $85,200 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 2021 (20% tax rate). Income before temporary difference Temporary difference Income Financial Accounting Tax Return $99,400 $99,400 85,200 28,400 $184,600 $127,800 Calculate cumulative temporary differences for years 2020-2022. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cumulative temporary difference $ 2020 Calculate current tax expense for years 2020-2022. 56800 $ Current tax expense for 2020 $ 51120 Current tax expense for 2021 $ 25560 Current tax for 2022 expense $ 25560 $99,400 $99,400 0 28,400 Calculate deferred tax expense for 2020-2022. $99,400 $127,800 Deferred tax expense for 2020 $ 20448 2022 (20% tax rate). Deferred tax benefit for 2021 $ (15336) Income before temporary difference $99,400 $99,400 Deferred tax benefit for 2022 $ 15336 Temporary difference 0 28,400 Income $99,400 $127,800 2021 28400 $ 2022