During 2020, Riverbed Co.s first year of operations, the company reports pretax financial income at $269,200. Riverbeds enacted tax rate is 45% for 2020 and 20% for all later years. Riverbed 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.

Exercise 19-16 During 2020, Riverbed Co.'s first year of operations, the company reports pretax financial income at $269,200. Riverbed's enacted tax rate is 45% for 2020 and 20% for all later years. Riverbed 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 $32,200 $32,200 $32,200 $96,600 Depreciation 6,200 6,200 6,200 $6,200 $6,200 31,000 Unearned rent (45,300) (45,300) (90,600) Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred Tax Future Taxable (Deductible) Amounts $96,600 Tax Rate (Asset) Temporary Difference Installment sales Liability Depreciation 31,000 Unearned rent (90,600) Totals Compute taxable income for 2020. Taxable income for 2020 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 Debit Credit Click if you would like to Show Work for this question: Open Show Work