For 2020, Dewey Corporation has book income before depreciation and income tax expense of $248,500. The depreciation expense on the books (i.e., Income Statement) using the straight-line depreciation method is $60,000. Depreciation on the tax return using MACRS is $165,000. Which of the following is correct about Dewey's income taxes for 2020? Income Tax Payable will be larger than Income Tax Expense The Deferred Income Tax Liability account will be credited as part of the Company's 2020 journal entry for taxes Net income on the books for financial statements will be identical to the amount of taxable income on Dewey's corporate tax return None of the other answer choices is correct about Dewey's income taxes for 2020