Please complete part b). Thanks

As the new accountant for Bridgeport's Pet Express Inc., a line of pet boutiques, you are developing the financial statement disclosures for the 2020 financial statement note on income taxes. The company uses ASPE, and has selected the taxes payable method. The statutory tax rate is currently 30%. During 2020, net income before tax was $194,000. CCA exceeded depreciation expense by $34,700. The only permanent difference was the non-deductible portion of meals and entertainment costs, which was 50% of $20,400 (a) Your answer is correct. Determine the income tax expense to be recorded using the taxes payable method and record the necessary journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Income tax expense 50850 Account Titles and Explanation Debit Credit Income Tax Expense 50850 Income Tax Payable 50850 e Textbook and Media List of Accounts Attempts: 1 of 5 used (b) Prepare the reconciliation of actual tax rate to the statutory rate as required for inclusion in the financial statement note on income taxes. (Round answers to 1 decimal place, eg. 15,2%. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Bridgeport's Pet Express Inc. Statement of Reconciliation of Actual Tax Rate 2020 % % %