Concord Corporation recorded warranty accruals as at December 31, 2020 in the amount of $160,500. This reversing difference will cause deductible amounts of $50,600 in 2021, $43.800 in 2022, and $66,100 in 2023. Concord's accounting income for 2020 is $146,000 and the tax rate is 25% for all years. There are no deferred tax accounts at the beginning of 2020. Calculate the deferred tax balance at December 31, 2020. Deferred tax Calculate taxable income and current income tax payable for 2020 Taxable income Income tax payable $ Prepare the journal entries to record income taxes for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Year Account Titles and Explanation Debit Credit 2020 (To record current tax expense) 2020 (To record deferred tax benefit) Prepare the income tax expense section of the income statement for 2020, beginning with the line Income before income tax." Concord Inc. (Partial) Income Statement $