Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 , (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) The following facts relate to Kingbird Corporation. 1. Deferred tax liability, January 1,2020,$36,300. 2. Deferred tax asset, January 1,2020,$12,100. 3. Taxable income for 2020,$127,050. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $278,300. 5. Cumulative temporary difference at December 31,2020 , giving rise to future deductible amounts, $114,950. 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future