During 2020, Common's first year of operations, the company reports pretax financial income at $231,000. Common's enacted tax rate is 40% for 2020 and 2021 and 20% for all later years. Common 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 below. 2024 2025 Total Future Years 2021 2022 2023 Future taxable (deductible) amounts 1) Installment sales $60,000 $75,000 2) Depreciation ($20,000) $12,000 $12,000 3) Unearned rent revenue ($20,000) $60,000) $25,000) $12,000 $12,000 $135,000 $28,000 ($105,000) Required: 1. Compute taxable income for 2020. 2. Complete the schedule below to compute deferred taxes at December 31, 2020. Temporary difference Future tax rate asset 12/31/2020 Deferred tax Deferred tax liability 1. Installment sales 2. Depreciation 3. Unearned rent rev. Totals Deferred future amounts $135,000 $28,000 ($105,000) 3. Prepare the journal entry to record income tax payable, deferred taxes, and income tax expense for 2020. During 2020, Common's first year of operations, the company reports pretax financial income at $231,000. Common's enacted tax rate is 40% for 2020 and 2021 and 20% for all later years. Common 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 below. 2024 2025 Total Future Years 2021 2022 2023 Future taxable (deductible) amounts 1) Installment sales $60,000 $75,000 2) Depreciation ($20,000) $12,000 $12,000 3) Unearned rent revenue ($20,000) $60,000) $25,000) $12,000 $12,000 $135,000 $28,000 ($105,000) Required: 1. Compute taxable income for 2020. 2. Complete the schedule below to compute deferred taxes at December 31, 2020. Temporary difference Future tax rate asset 12/31/2020 Deferred tax Deferred tax liability 1. Installment sales 2. Depreciation 3. Unearned rent rev. Totals Deferred future amounts $135,000 $28,000 ($105,000) 3. Prepare the journal entry to record income tax payable, deferred taxes, and income tax expense for 2020