please explain calculations

The following facts relate to Pina Corporation. 1. Deferred tax liability, January 1, 2020, $42,000. Deferred tax asset, January 1, 2020, $0. 2. 3. Taxable income for 2020, $99,750. Pretax financial income for 2020, $105,000. 4. 5. 6 Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $252,000. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $36,750. 6. 7. Tax rate for all years, 20%. The company is expected to operate profitably in the future. . 8. (a) Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 19,950 (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Income Tax Payable 19,950 Deferred Tax Liability