Problem 19-07 (Part Level Submission) Metlock Corp. sold an investment on an installment basis. The total gain of $84,000 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment-sales method for tax purposes. The installment period is 3 years one-third of the sale price is collected in the period of sale. The tax rate was 40% in 2020, and 20% in 2021 and 2022. The 20% tax rate was not enacted in law until 2021. The accounting and tax data for the 3 years is shown below. Financial Accounting Tax Return 2020 (40% tax rate) Income before temporary difference $98,000 $98,000 Temporary difference 84,000 28,000 Income $182,000 $126,000 2021 (20% tax rate) Income before temporary difference Temporary difference Income $98,000 0 $98,000 $98,000 28,000 $126,000 2022 (20% tax rate) Income before temporary difference Temporary difference Income $98,000 0 $98,000 $98,000 28,000 $126,000 Calculate cumulative temporary differences for years 2020-2022. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Cumulative temporary difference 56,000 28000 0 Calculate current tax expense for years 2020-2022. Current tax expense for 2020 $ 50,400 Current tax expense for 2021 $ 25,200 Current tax expense for 2022 25,200 Calculate deferred tax expense for 2020-2022, Deferred tax expense for 2020 22400 Deferred tax benefit for 2021 5600 Deferred tax benent for 2022 5600 Click if you would like to Show Work for this question: Open Show Work (a2) Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable at the end of each year. No deferred income taxes existed at the beginning of 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.) Date Account Titles and Explanation Debit Credit 2020 2021 (To record the adjustment for the decrease in the enacted tax rate.) (To record income taxes.) 2022 Click if you would like to Show Work for this question: Open Show Work