Current Attempt in Progress Monty Corporation purchased equipment very late in 2020. Based on generous capital cost allowance rates provided in the Income Tax Act, Monty Corporation claimed CCA on its 2020 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $34,200 in 2021, $38,700 in 2022, and $48,200 in 2023. Monty's accounting income for 2020 is $262,200 and the tax rate is 30% 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 liability $ eTextbook and Media List of Accounts Calculate taxable income and income tax payable for 2020. Taxable income $ Income tax payable $ e Textbook and Media List of Accounts 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 expense) e Textbook and Media List of Accounts Prepare the income tax expense section of the income statement for 2020 beginning with the line Income before income tax Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax." Monty Corporation (Partial) Income Statement V $ $ $ e Textbook and Media List of Accounts & WILI Monty Corporation (Partial) Income Statement $ $ Deferred Tax Asset Deferred Tax Liability Current Income Tax Benefit Net Income /(Loss) Income Tax Expense - Current Income Tax Expense - Deferred Income Before Income Tax $ GA eTextbook and Media List of Accounts