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The long-term Habilities section of CPS Transportation's December 31, 2020, balance sheet included the following: (FV or $1,P of $1, FVA of S1 PVA O SLEVAD of $1 and PVADAS (Use appropriate factor(s) from the tables provided.) 2. A lease liability with 15 remaining sease payments of $20,000 each, due annually on January a Lease Slability LSI current portion $152,122 5147,334 The incremental borrowing rate at the inception of the lease was 17% and the lessor's implicit rate, which was known by CPS Transportation, was 10% b. A deferred income tax liability due to a single temporary difference. The only difference between CPS Transportation's taxable Income and pretax accounting income is depreciation on a machine acquired on January 1, 2020, for $380,000. The machine's estimated useful life is five years, with no salvage value. Depreciation is computed using the straight-aine method for financial reporting purposes and the MACRS method for tax purposes. Depreciation expense for tax and financial reporting purposes for 2021 through 2024 is as follows: MARS Straight-line Year Depreciation Depreciation Difference 2021 $100,000 $76,000 $ 20,000 2023 52.000 76,000 2023 (24.0001 42.000 76,000 (34,0001 2024 32,000 76.000 (44,0001 The enacted federal income tax rates are 20% for 2020 and 25% for 2021 through 2024. CPS had a deferred tax liability of $18,500 as of December 31, 2020. For the year ended December 31, 2021, CPS's income before income taxes was $780,000 On July 1, 2021, CPS Transportation issued $480,000 of 9% bonds. The bonds mature in 15 years, and interest is payable each January 1 and July 1. The bonds were issued at a price to yield the investors 10%. CPS records interest at the effective interest rate. Required 1. Determine CPS Transportation's income tax expense and net income for the year ended December 21, 2021 2. Determine CPS Transportation's interest expense for the year ended December 31, 2021. 3. Prepare the long-term liabilities section of CPS Transportation's December 31, 2021, balance sheet. Answer is not complete Complete this question by entering your answers in the tabs below. Required: Required 2 Required Determine CPS Transportation's income tax expense and net income for the year ended December 31, 2021. (Enter your answers in whole dollars.) CPS TRANSPORTATION fecome Tax Expense and Net Income For the Year Ended December 31, 2021 Income before income 780.000 Income tax expense Current $ 300,000 Deferred 300 800 Netcome 479.200 Required 2 > The long-term liabilities section of CPS Transportation's December 31, 2020, balance sheet included the following: (FV or $1,P of $1, FVA of SL PVA of SL FVAD of Stand PVAD A $1 (Use appropriate factor(s) from the tables provided.) Alease liability with 15 remaining sease payments of $20,000 each, due annually on January 5152,122 Lease sibility Tess current portion 5147,334 The incremental borrowing rate at the inception of the lease was 17% and the lessor's implicit rate, which was known by CPS Transportation, was 10% b. A deferred income tax liability due to a single temporary difference. The only difference between CPS Transportation's taxable income and pretax accounting income is depreciation on a machine acquired on January 1, 2020, for $380,000. The machine's estimated useful life is five years, with no salvage value. Depreciation is computed using the straight-line method for financial reporting purposes and the MACRS method for tax purposes. Depreciation expense for tax and financial reporting purposes for 2021 through 2024 is as follows: MORE straight-line Year Depreciation Depreciation Direcce 2021 $104,000 $76,000 2022 $ 20,000 52.000 76,000 (24,0001 2023 42.000 76,000 (34,0001 2024 32,000 76.000 (44,0001 The enacted federal income tax rates are 20% for 2020 and 25% for 2021 through 2024. CPS had a deferred tax liability of $18,500 as of December 31, 2020. For the year ended December 31, 2021, CPS's income before income taxes was $780,000 On July 1, 2021, CPS Transportation issued $480,000 of 9's bonds. The bonds mature in 15 years, and interest is payable each January 1 and July 1. The bonds were issued at a price to yield the investors 10%. CPS records interest at the effective interest rate. Required 1. Determine CPS Transportation's income tax expense and net income for the year ended December 21, 2021 2. Determine CPS Transportation's interest expense for the year ended December 31, 2021. 3. Prepare the long-term liabilities section of CPS Transportation's December 31, 2021, balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine CPS Transportation's interest expense for the year ended December 31, 2021. (Do not round Intermediate calculations. Enter your answers in whole dollars.2. CPS TRANSPORTATION Calculation of interest Expense For the Year Ended December 31, 2021 Lense obligation Bonds payable Totalverest expense 0