Question 2: Montana Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $55,000 in 2021, $60,000 in 2022, and $75,000 in 2023. Montana's pretax financial income for 2020 is $400,000, and the tax rate is 25% for all years. There are no deferred taxes at the beginning of 2020. Instructions 1. Compute taxable income and income taxes payable for 2020. 2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 Question 3 Bill is a single taxpayer. In 2020 his salary is $80,000 and he has interest income of $1,300. In addition he has deductions for adjusted gross income of $2,000 and he has $6,000 of itemized deductions. If bill claims one exemption for this year. Calculate: 1- Taxable Income 2- Gross Tax Liability. Question 4 Lisa Purchased a rental house a few years ago for $100,000. Total depreciation to date on the house is $50,000. In the current year she sells the house for $200,000 and paid $30,000 selling Expenses. Calculate: 1- Amount Realized 2- Adjusted Basis 3- Gain or loss realized