Exercise 18-22 Bridgeport Corp. in its first year of operations has the following differences between its carrying amounts and the tax bases of its assets and liabilities at the end of 2020. Equipment (net) Estimated Warranty Liabilities Carrying Amount $488,000 $244,000 Tax Basis $414,800 0 It is estimated that the warranty liability will be settled in 2021. The difference in equipment (net) will result in future taxable amounts of $24,400 in 2021, $36,600 in 2022, and $12,200 in 2023. The company has taxable income of $634,400 in 2020. As of the beginning of 2020, the enacted tax rate is 30% for 2020 to 2022 and 25% for 2023. Bridgeport expects to report taxable income through 2023. | Your answer is partially correct. Try again. Prepare the journal entry to report current and deferred income tax expense. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit X Current Tax Expense 190320 Income Tax Payable 190320 (To record current tax expense) Deferred Tax Asset 124440 x Current Tax Benefit 21350 (To record deferred tax benefit)