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The following information relates to Wildhorse Corp.: At July 1, 2019 At June 30, 2020 $28,600 $79,800 Temporary difference, giving rise to future taxable amounts Temporary difference, giving rise to future deductible amounts 18,700 54,800 Accounting income for the year ended June 30, 2020 was $70,200. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Wildhorse Corp. follows ASPE. Calculate the amount of taxable income for 2020. Taxable income $ $ eTextbook and Media List of Accounts Prepare the journal entries to record income taxes for 2020. (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.) Account Titles and Explanation Debit Credit Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Expense Deferred Tax Liability (To record future tax expense.) eTextbook and Media List of Accounts Calculate the effective rate for 2020. Effective Rate %