Help Save & Exit Sub Check my wor MM prepared the following schedule of temporary differences from the beginning of the year to the end of the year Motown Memories Inc. Temporary Differences Scheduling Template BOY Current Taxable Deferred Year Cumulative Deferred Temporary Differences Taxes Change TID Taxes Accumulated depreciation $(1,680,000) $(1,000,000 $(9,eee.ee 5(1,890,000) Deductible Temporary Differences Allowance for bad debts Reserve for warranties Inventory IRC 5263A adjustment Deferred compensation Accrued pension liabilities Total BOY Deferred Taxes $42,800 21,000 50,400 10, see 630,000 $753,900 Current Year Change $5e,eee 20,000 60, eee 10,000 25e,eee $390, eee EOY Cumulative T/D $250,000 120,000 3ee, eee 60, eee 3,25e,eee $3,980, eee BOY Deferred Taxes $52,500 25,200 63,800 12,600 682,500 5835, 8ee Required: a. Compute MM's current income tax expense or benefit for 2020. RRRRRRRARA wave o EXT su Check my word MU b. Compute MM's deferred income tax expense or benefit for 2020, c. Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates Complete this question by entering your answers in the tabs below. Reg A and B Reqc Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. (Amounts to be deducted should be indicated by a minus sign, Roqnd your percentage answers to 2 decimal places. Do not round intermediate values.) Reconciliation of Effective Tax Rate Percent Tax provision before adjustments Dollars arch O RE Saved Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expen dollars and rates. (Amounts to be deducted should be indicated by a minus sign. Round your part places. Do not round intermediate values.) Reconciliation of Effective Tax Rate Dollars Percent Tax provision before adjustments % % % % % Income tax provision wave o EXT su Check my word MU b. Compute MM's deferred income tax expense or benefit for 2020, c. Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates Complete this question by entering your answers in the tabs below. Reg A and B Reqc Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. (Amounts to be deducted should be indicated by a minus sign, Roqnd your percentage answers to 2 decimal places. Do not round intermediate values.) Reconciliation of Effective Tax Rate Percent Tax provision before adjustments Dollars arch O RE Saved Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expen dollars and rates. (Amounts to be deducted should be indicated by a minus sign. Round your part places. Do not round intermediate values.) Reconciliation of Effective Tax Rate Dollars Percent Tax provision before adjustments % % % % % Income tax provision