Question 3 0.88/1 View Policies Show Attempt History Current Attempt in Progress Tomorisk Corporation began 2020 with a $50,600 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $385,000, and it will reverse evenly over the next 2 years. Prelax accounting income for 2020 is $577,500, the tax rate for all years is 20%, and taxable income for 2020 is $445,500. Your answer is correct. Compute income taxes payable for 2020. Income taxes payable $ 89.100 eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. 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 115,500 Income Tax Payable 89,100 Deferred Tax Liability 26,400 - Your answer is partially correct. 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 eg. (45). Tamarisk Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income belore Income Taxes 445,500 Income Tax Expense Current (115.500) Deferred (26,400) i (141,900 Net Incomc/ Loss) 303,600