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: 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) (a) 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 Depreciation 28.500 Unearned rent (90,400 Totals eTextbook and Media 34700 (Asset) 20 56 $ 201 S +18080 -18000 C (b) Your answer is correct Compute taxable income for 2020. Taxable income for 2020 $ 214300 eTextbook and Medla List of Accounts Attempts: 1 of 3 used (c) 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 O for the amounts) Account Titles and Explanation eTextbook and Media List of Accounts Save for Lavar Debit Credit Attempts: 0 of 3 used Submit