Pronghorn Company reports pretax financial income of $65,800 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 $16,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,500. 3. Fines for pollution appear as an expense of $10,200 on the income statement. Pronghorn'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. Your answer is correct. Compute taxable income and income taxes payable for 2020. Taxable income $ 79800 Income taxes payable $ 23940 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.) Account Titles and Explanation Debit Credit Income Tax Expense 23940 23940 Deferred Tax Asset Deferred Tax Asset 23940 Income Tax Payable 1140 Deferred Tax Liability 1140 1140 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).) Pronghorn Company Income Statement (Partial) For the Year Ended December 31, 2020 v Income before Income Taxes v 65800 Income Tax Expense Current $ 23940 Deferred Deferred 1140 140 i 25080 Net Income / (Loss) Compute the effective income tax rate for 2020. (Round answer to 1 decimal places, e.g. 25.5%.) Effective income tax rate 28.57 %