How do I complete the journal entries for 2021 and the partial income statement for 2020?

The following information is available for Flounder Corporation for 2020.

1.Depreciation reported on the tax return exceeded depreciation reported on the income statement by $116,000. This difference will reverse in equal amounts of $29,000over the years 2021-2024.

2.Interest received on municipal bonds was $9,800.

3.Rent collected in advance on January 1, 2020, totaled $57,600for a 3-year period. Of this amount, $38,400was reported as unearned at December 31, 2020, for book purposes.

4.The tax rates are40% for 2020 and35% for 2021 and subsequent years.

5.Income taxes of $307,000are due per the tax return for 2020.

6.No deferred taxes existed at the beginning of 2020.

I got $767.500 for taxable income for 2020 - $307,000 / 0.40.

I got $854,900 for pretax financial income for 2020 - $767,500 + $116,000 + $9.800 - $38,400.

Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $1,065,000 in 2021. ( indented when 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.) Date Account Titles and Explanation Debit Credit 2020 Income Tax Expense 334150 Deferred Tax Asset 13440 Income Tax Payable 307000 Deferred Tax Liability 40600 2021 Income Tax Expense Deferred Tax Liability Income Tax Payable Deferred Tax Asset SHOW LIST OF ACCOUNTS Prepare the income tax expense section of the income statement for 2020, beginning with \"Income before income taxes.\" (Enter negative amounts using either a negative sis parentheses e.g, (45).) Flounder Corporation Income Statement (Pautial) For the Year Ended December 31, 2020 3 Income before Income Taxes 3 $ 854900 Income Tax Expense 3 Current 3 $ 307000 Deferred 3 Net Income / (Loss) v