QUESTION 37 At the beginning of 2020; Elephant, Inc had a deferred tax asset of $10,000 and a deferred tax liability of $15,000. Pre-tax accounting income for 2020 was 5750,000 and the enacted tax rate is 40%. The following items are included in Elephant's pre-tax income: Taxable income for 2020 is equal to how much? Interest income from municipal bonds $ 60,000 Accrued warranty costs, estimated to be $130,000 paid in 2021 Operating loss carryforward $ 95,000 Installment sales revenue, will be collected $ 65,000 in 2021 Prepaid rent expense, will be used in 2021 $ 30,000