Ivanhoe Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,000 in 2021, $61,800 in 2022, and $67,300 in 2023. Ivanhoes pretax financial income for 2020 is $286,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

* Compute taxable income and income taxes payable for 2020.

* Prepare the journal entry to record income tax expenses, deferred income taxes, and income taxes payable for 2020.

* Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes".