During 2020 , Sunland Co.'s first year of operations, the company reports pretax financial income at $263,100. Sunland's enacted tax rate is 45% for 2020 and 20% for all later years. Sunland expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31,2020 , are summarized as follows. Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) eTextbook and Media List of Accounts Question Part Score /5.5 Compute taxable income for 2020. Taxable income for 2020$ 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 0 for the amounts.) During 2020 , Sunland Co.'s first year of operations, the company reports pretax financial income at $263,100. Sunland's enacted tax rate is 45% for 2020 and 20% for all later years. Sunland expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31,2020 , are summarized as follows. Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) eTextbook and Media List of Accounts Question Part Score /5.5 Compute taxable income for 2020. Taxable income for 2020$ 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 0 for the amounts.)