Question 3 The following information is available for Bonita Corporation for 2020. 2. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $116,000. This difference will reverse in equal amounts of $29,000 over the years 2021-2024. Interest received on municipal bonds was $10,200. Rent collected in advance on January 1, 2020, totaled $60,000 for a 3-year period. Of this amount, $40,000 was reported as unearned at December 31, 2020, for book purposes. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years. Income taxes of $312,000 are due per the tax return for 2020. No deferred taxes existed at the beginning of 2020. 5. 6. Compute taxable income for 2020. Taxable income for 2020 s 780000 SHOW LIST OF ACCOUNTS Compute pretax financial income for 2020. Pretax financial income for 2020 $ 866200 SHOW LIST OF ACCOUNTS Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $1,052,000 in 2021. indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation 2020 2021 Prepare the income tax expense section of the income statement for 2020, beginning with "Income before income taxes." Bonita Corporation Income Statement (Partial) $