Please answer questions 6-11 using the data provided. Please write the answers as clearly as possible.

QUESTION 6 Data for Questions 6 through 11 Newsome Corporation computed taxable income of $875,000 for the year ended December 31, 2020. At the beginning of the year, January 1, 2020, Newsome had a deferred tax liability totaling $45,150 relating to cumulative temporary differences in depreciation. The enacted tax rate is 21% for all years. Additional information for 2020: Depreciation for financial statement purposes totaled $300,000; however, tax depreciation was $410,000. IRS fines and penalties of $25,000 had been assessed during 2020. The firm recorded this in the financial statements but will not pay the IRS until March 2021. During 2020, management paid $70,000 to settle a litigation claim for injuries caused by a defective product. At the end of 2019, management had recorded an estimated litigation loss of $60,000 related to this claim. Determine the pretax financial statement income for Newsome for 2020. QUESTION 7 Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020. TT T Arial 3 (12pt) T-5 - E - S O 's Path: p Words:0 QUESTION 8 What is the balance in the deferred tax liability account as of December 31, 2020? QUESTION 10 What was the balance in the deferred tax asset account as of December 31, 2019? QUESTION 11 Assume that a new tax rate of 30% for 2021 and future years was voted in law at the end of 2020. Prepare a revised journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020. (You may redo the entire entry OR provide an additional adjustment to the entry recorded for Question 7.) TT T Arial 3 (12pt) T - - E S @='s Path:p Words:0