Nathan Inc, a publicly traded company, began operations on January 1, 2020 Its pretax accounting income for 2020 was $ 180,000 The following items caused the only differences between pretax accounting income and taxable income 1In 2020, the company collected $ 90,000 in rental revenue of this amount, $ 30,000 was earned in 2020 the other $ 60,000 will be earned equally during 2021 and 2022 The entire $ 90,000 was included in taxable income in 2020 2The company pays $ 3,500 a year the CEO's membership at a local athletic club 3At the end of 2020, the company terminated its employment contract with a senior manager Nathan agreed to pay $ 50,000 in severance pay This will be paid $ 25,000 per year in 2021 and 2022 The entire $ 50,000 was expensed in 2020 for book purposes For tax purposes, the severance pay is deductible only when it is paid The enacted tax rates at December 31, 2020 are 202035 2221 202135 2321 Instructions a)Calculate taxable income for 2020 b)Calculate the deferred tax asset andor liability at the end of 2020 c) Prepare the adjusting journal entries to record income taxes for 2020 d) Prepare the remainder of the Income statement starting with pretax income e)Show how the deferred tax asset or liability should be reported on the SFP at December 31, 2020 f) If Nathan were not publicly traded, what options would be available to account for deferred taxes