During 2020, Monty Co's first year of operations, the company reports pretax financial income at $249,000. Monty's enacted tax rate is 45% for 2020 and 20% for all later years. Monty 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 taxable (deductible) amounts: (a) Future Years 2021 2022 2023 2024 2025 Total Installment sales $32,200 $32,200 $32,200 $96,600 Depreciation 5,700 5,700 5,700 $5,700 $5,700 28,500 Unearned rent (45,200) (45,200) (90,400) Your answer is correct. 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)) Temporary Difference Future Taxable (Deductible) Amounts Tax Rate Installment sales $96.600 (Asset) 20 % S Depreciation 28.500 20 % Unearned rent (90,400) 20 56 S 5 Totals 34700 -18080 S -18080 D (b) Compute taxable income for 2020. Taxable income for 2020 $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit