Cullumber Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2019. Book Basis Tax Basis $408,000 $350,400 Equipment (net) Estimated warranty liability $184,000 $-0- It is estimated that the warranty liability will be settled in 2020. The difference in equipment (net) will result in taxable amounts of $19,300 in 2020, $28,200 in 2021, and $10,100 in 2022. The company has taxable income of $513,000 in 2019. As of the beginning of 2019, the enacted tax rate is 34% for 2019-2021, and 30% for 2022. Cullumber expects to report taxable income through 2022. (a) Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 131444 Deferred Tax Asset 62560 Income Tax Payable 174420 Deferred Tax Liability 19584 (b) Indicate how deferred income taxes will be reported on the balance sheet at the end of 2019. Cullumber Inc. Balance Sheet $ Stockholders' Equity Long-term Investments Total Current Assets Total Liabilities and Stockholders' Equity Noncurrent Liabilities Intangible Assets Total Assets Current Liabilities Total Stockholders' Equity Total Long-term Investments Current Assets Non-current Assets U Total Current Liabilities 59 Total Property, plant and Equipment Total Long-term Liabilities Total Intangible Assets Property, plant and Equipment Total Liabilities Attempts: 0 of 2 used Submit Answer re. . (b) Indicate how deferred income taxes will be reported on the balance sheet at the end of 2019. Cullumber Inc. Balance Sheet December 31, 2019 For the Year Ended December 31, 2019 For the Quarter Ended December 31, 2019 $