During 2020, Blue Co's first year of operations, the company reports pretax financial income at $267,600. Blue's enacted tax rate is 45% for 2020 and 20% for all later years. Blue expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible) amounts: Installment sales $30,100 $30,100 $30,100 $90,300 Depreciation 6,100 6,100 6,100 $6,100 $6,100 30,500 Unearned rent (54,700) (54,700) (109,400) Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Deferred Ta Tax Rate (Asset) Temporary Difference Installment sales Future Taxable (Deductible) Amounts $90,300 $ HA $ % % % A A Depreciation 30,500 Unearned rent (109.400) $ $ Totals Deferred Tax Tax Rate (Asset) Liability Future Taxable (Deductible) Amounts $90,300 os $ $ $ $ 30,500 % % $ (109,400) $ Compute taxable income for 2020. Taxable income for 2020 $ e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry to record income taxes payable, deferred taxes, and income tax expense for 2020. (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.) Debit Credit Account Titles and Explanation Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability