Note: Tax Rate is 30% The CCT Mag Company of Los Angeles has pretax financial income (Income Before Tax) at the end of December 2019 of $327,000. There are 3 differences between the pretax financial statement and the tax return income as shown below: 3 items were different on the Financial Statement compared to Tax Return Financial Statement Tax Return a. Depreciation "S/L" $21,000 $42,000 "accelerated" b. Percentage of Completion Profit $60,000 -0- completed contract C. "Unearned" Revenue of $20,000 $5,000 earned this year Required: 1. Prepare a handy schedule that shows the reconciliation between "F/S" and "T/R". 2. Complete the schedule to reflect: a. Income Tax Expense b. Income Tax Payable c. Deferred Income Taxes 3. Prepare the December 31, 2019, year-end adjusting entry to record income tax expense, income tax payable and any deferred income taxes