Novak Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $53,100in 2021, $57,800in 2022, and $63,100in 2023. Novak's pretax financial income for 2020 is $312,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

Taxable income $138000

Income taxes payable $41400

Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes.".Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)