Lockett Corporation provided the following concerning its income taxes for 2020. Balance in Deferred Tax Liability account, January 1, 2020 Cumulative temporary difference, December 31, 2020 To reverse evenly over the next 2 years Pretax accounting income for 2020 Taxable income for 2020 Income tax rate for all years Instructions: (a) Compute income taxes payable for 2020. $ 46,000 $ 350,000 $525,000 $ 405,000 20% (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. Future Years 2021 2022 Total Future taxable (deductible) amounts Tax rate Deferred tax liability (asset) Deferred tax liability at the end of 2020 Deferred tax liability at the beginning of 2020 Deferred tax expense for 2020 (increase required in deferred tax liability) Current tax expense for 2020 Income tax expense for 2020 Debit Credit