I need help with 'B' please!

The following facts relate to Kingbird Corporation. 1. Deferred tax liability, January 1, 2020, $49,600. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable income for 2020, $117,800. 4. Pretax financial income for 2020, $124,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $297,600. 6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $43,400. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. (a) Correct answer icon Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $enter Income taxes payable in dollars 23560 eTextbook and Media List of Accounts Attempts: 1 of 2 used Using multiple attempts will impact your score. 15% score reduction after attempt 1 (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically 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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount

The following facts relate to Kingbird Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2020, $49,600. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $117,800. Pretax financial income for 2020, $124,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts $297,600. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $43,400. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 5. 6 6. 7. 8. (a) Your answer is correct. Compute income taxes payable for 2020. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 23560 e Textbook and Media List of Accounts Attempts: 1 of 2 used Using multiple attempts will impact your score. 15% score reduction after attempt 1 b (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit The following facts relate to Kingbird Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2020, $49,600. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $117,800. Pretax financial income for 2020, $124,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts $297,600. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $43,400. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 5. 6 6. 7. 8. (a) Your answer is correct. Compute income taxes payable for 2020. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 23560 e Textbook and Media List of Accounts Attempts: 1 of 2 used Using multiple attempts will impact your score. 15% score reduction after attempt 1 b (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit