ENCAMP Progress arasota Company reports pretax financial income of $70,000 for 2020. The following items cause taxable income to be different than pretax financial ncome. 1. Depreciation on the tax return is greater than depreciation on the income statement by $15,100. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,200. 3. Fines for pollution appear as an expense of $10,300 on the income statement. Sarasota's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning 2020 Your answer is correct. Compute taxable income and income taxes payable for 2020. Taxable income 38400 Income taxes payable 5 26520 Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes." using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sarasota Company Income Statement (Partial) For the Year Ended December 31, 2020 4 Income before Income Taxes 70000 Income Tax Expense Deferred 8100 Current 10300 18400 Net Income /(Loss) 88400 e Texthonk and Media X Your answer is incorrect. Compute the effective income tax rate for 2020. (Round answer to 1 decimal places, eg. 25,5%.) Effective income tax rate e Textbook and Media e Textbook 1 e Textbook 2 List of Accounts