Part 1: Kasey Fashions uses straight-line depreciation for financial reporting and MACRS for income taxes reporting. At the end of 2020, three years after the purchase of a building, it has a carrying value of $400,000 and a tax basis of $300,000. There are no other book to tax differences. Taxable income for 2020 is $4 million and Kasey's tax rate is 25%. (a) What is the amount of the deferred tax liability that should be reported in the balance sheet as of December 31, 2020? (b) Assume the deferred tax liability balance was $20,000 in 2019, the previous year. Prepare the journal entry to record income taxes in 2020. Part 2: In 2020, Ramey Management Company collected rent revenue for 2021 tenant occupancy. For financial reporting, rent is recognized in the period it is earned, but for income tax reporting, it is taxed when collected. The unearned rent portion of the rent collected in 2020 was $50 million. Taxable income is $180 million. No temporary differences existed at the beginning of the year and the tax rate is 25%. Prepare the journal entry to record income taxes for the current year, 2020