Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes

Pharoah Company reports pretax financial income of $72,000 for 2020 . The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $14,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $24,200. 3. Fines for pollution appear as an expense of $11,900 on the income statement. Pharoah's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020 . Prepare the income tax expense section of the income statement for 2020 , beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)