Question 4 of 9 < -/2 !!! View Policies Current Attempt in Progress Skysong Corp. has a deferred tax asset account with a balance of $72,920 at the end of 2019 due to a single cumulative temporary difference of $364,600. At the end of 2020, this same temporary difference has increased to a cumulative amount of $492,600. Taxable income for 2020 is $784,300. The tax rate is 20% for all years. At the end of 2019, Skysong Corp. had a valuation account related to its deferred tax asset of $43,700. (a) Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that the deferred tax asset will be realized in full. (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 (To record income tax expense) (To adjust allowance account) (b) Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that none of the deferred tax asset will be realized. (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 (To record income tax expense) (To record allowance) Debit Credit Rectangular Snip