Deferred tax liability, January 1, 2020, $50,000.

Deferred tax asset, January 1, 2020. SO.

Taxable income for 2020, $118.750.

Pretax financial income for 2020. $125,000.

Cumulative temporary difference at December 31, 2020. giving rise to future taxable amounts, $300,000.

Cumulative temporary difference at December 31, 2020. giving rise to future deductible amounts, $43.750.

Tax rate for all years, 20%.

8.

The company is expected to operate profitably in the future.

Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes."

(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

The following facts relate to Coronado Corporation. 1. Deferred tax liability, January 1, 2020, $50,000. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020. $118,750. Pretax financial income for 2020, $125,000. 5. 6. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $300,000. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $43,750. Tax rate for all years, 20%. 7. 8. The company is expected to operate profitably in the future. 2. 3. 4. P 7 I Conpumpafor 2020 Incometes patie List of Accounts ( C Q A trol eption 2 Z W S "Ok 3 X * E D 1 S 4 C R F % 5 V 95437 T G 6 8 Y H & 7 n N 3 8 COPP 1 M 1 9 K O . 1. 0 L * Command Attempts1f7used TAPHAE DIAL ( P 1 . 4 IA option 1 20 } 1 Your answer is correct Prepare the joumal entry to record income tax expe, deferred income toes, and income taxes payable for 2020 (malt account titles are automatically indented when amount is entend Denet indent manually. If no antry is required, siect "Nor account titles and enter for the amounts) Account Tities and Explanation Debit Credit D P Q A 1 option N SN W S @ 90. 3 X % command E D 3 4 C R F in ge % 5 V T G 12 44 6 B Y H & -- U 8750 8 1 J N M 1 9 K F O V. .. : ; option -- 1 ? 1 # ) 1 Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Coronado Corporation Income Statement (Partial) $