Problem 3 Question 1 of 1 > 0.67 /20 Larkspur Corp. sold an investment on an installment basis. The total gain of $67,200 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 rats) Income before temporary difference $78.400 $78.400 67,200 Temporary difference Income 22.400 $145,600 $100,800 2021 (20% tax rate) Income before temporary difference $78,400 $78,400 Temporary difference 0 22.400 Question 1 of 1 2021 (20% tax rate) Income before temporary difference Temporary difference Income $78,400 $78,400 0 22,400 $78,400 $100,800 2022 (20% tax rate) Income before temporary difference Temporary difference Income $78,400 $78,400 22,400 $78,400 $100,800 Question 1 of 1 0.67 / 20 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. (451) 2020 2021 2022 Cumulative temporary difference $ $ $ Calculate current tax expense for years 2020-2022 Current tax expense for 2020 $ Current tax expense for 2021 $ Current tax expense for 2022 $ Question 1 of 1 0.67 Calculate deferred tax expense for 2020-2022 Deferred tax expense for 2020 44800 Deferred tax benefit for 2021 22400 Deferred tax benefit for 2022 22400 List of Accounts Save for Later Attempts: 1 of 3 used Subm