Question 7 View Policies Show Attempt History Current Attempt in Progress The following facts relate to Whispering Corporation. 1. Deferred tax liability, January 1, 2020, $33,300. 2. Deferred tax asset, January 1, 2020, $11,100. 3. Taxable income for 2020, $116,550. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $255,300. 5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $105,450. 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Your answer is correct. Compute the amount of pretax financial income for 2020. Pretax financial income 155,400 Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 31,080 Deferred Tax Asset 9,990 Income Tax Payable 23,310 Deferred Tax Liability 17,760 (c) - 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. Whispering Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes $ 582,750 Income Tax Expense Current (31,080) Deferred (17,760) (48,840) Net Income / (Loss) $ 533,910