Please show calculations.

Thank you!

Accounting for Income Taxes 3. The accounting records of Lincoln Incorporated show the following data for 2020. Lincoln uses the accrual method of accounting for financial statements. 1. Life insurance expense on officers was $20.000. 2. Lincoln's controller died in a car crash. Lincoln received $500,000 proceeds from a life insurance policy carried on the controller. 3. Lincoln uses the straight-line method to calculate depreciation for financial statements and an accelerated method to calculate depreciation for taxes. Straight-line depreciation is 120,000 and the accelerated depreciation is $200,000. 4. Interest revenue on State of New Jersey bonds totaled $20,000. 5. Expenses incurred in obtaining State of New Jersey bond income were $1,000. 6. Product warranties were estimated to be $120.000 in 2020. Actual repair and labor costs related to the warranties in 2020 were $30,000. The remainder is estimated to be paid evenly over the next two years. 7. Fines incurred for pollution violations were $60,000. 8. On October 1, 2020. Lincoln paid $24,000 for two years' offsite document storage. 9. Pretax financial income was $2,400,000. The enacted tax rate is 22% for 2020 and 20% for all future years. Instructions: a. Compute taxable income and income taxes payable for 2020. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020