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Mark McDowell Co. establishes a $128,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its manutacturing facilities All related elosing costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020 , the company has $64,000,000 of temporary ditferences due to excess depreciation for tax purposes, $8,960,000 of which will reverse in 2021. The enacted tax rate for all years is 20%, and the company pays taxes of $40,960,000 on $204,800,000 of taxable income in 2020 . McDowell expects to have taxable income in 2021. (2) Your answer is correct. Determine the deferred taxes to be reported at the end of 2020. Deferred taxassets 525600000n Deferred tax liabilities Attempts: 1 of 3 used (b) Your Answer Your answer is correct. Indicate how the deferred taves computed above are to be reported on the balance sheet. (c) Assuming that the only deferred tax account at the beginning of 2020 was a deferred tax liability of $6,400,000, draft the income tax expense portion of the income statement for 2020, beginning with the line "Income before income tawes." (Hint You must first compute (1) the amount of temporary difference underlying the beginning $6,400.0 the amount of pretax financlay ome) (Enter negotive amounts ining elther aloos srign preceding the number eg- 45 or porentheses es. (45).] Mark McDowell Co. establishes a $128,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its manutacturing facilities All related elosing costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020 , the company has $64,000,000 of temporary ditferences due to excess depreciation for tax purposes, $8,960,000 of which will reverse in 2021. The enacted tax rate for all years is 20%, and the company pays taxes of $40,960,000 on $204,800,000 of taxable income in 2020 . McDowell expects to have taxable income in 2021. (2) Your answer is correct. Determine the deferred taxes to be reported at the end of 2020. Deferred taxassets 525600000n Deferred tax liabilities Attempts: 1 of 3 used (b) Your Answer Your answer is correct. Indicate how the deferred taves computed above are to be reported on the balance sheet. (c) Assuming that the only deferred tax account at the beginning of 2020 was a deferred tax liability of $6,400,000, draft the income tax expense portion of the income statement for 2020, beginning with the line "Income before income tawes." (Hint You must first compute (1) the amount of temporary difference underlying the beginning $6,400.0 the amount of pretax financlay ome) (Enter negotive amounts ining elther aloos srign preceding the number eg- 45 or porentheses es. (45).]