Froblen II: Cedar lnc. began business on Jan. 1, 2019. Its pretax finabcial income for the fint 2 years was as followi. 20192020750,000905,000 The following itens caused the only differences between pretax financial income and taxable income. 1. In Jan. 1, 2019, the company collects at once $54,000 of 3 yean rent through 2020 for a leased warehiune. 2. The company pays, for environsental problems, $100,000 fine in 2019 and $25,000 fine in 2020. 3. In 2020 , the company terminated a top executive and agreed to $1,500,000 of severance pay. The arnouint will be paid $500,000 per year for 2020-24, The 2020 payment was made. The $1,500,000 was expensed in 2020 For tax purposen, the severance pay is deductible as it is paid. The enacted tax rate is 2006 for all ycars INSTRLCTIONS: (a) Determine taxable income for 2019 and 2020 . (b) Prepare the journal entry to record income taxes for 2019 and 2020 . (c) Prepare the income tax expense section of the income statement for 2019&2020. (d) Indicate how the income tax items should be persented on the balance shect for 2019 and 2020