rarti: Sass Corp. is in its first year of operation. The company has pretax financial income of $50,000 The company has the following items recorded in its records. No estimated tax payments were made during 2020. 6,500 Premium of life insurance for its key officers 17,500 Tax depreciation in excess of book depreciation 100,000 Interest on municipal bonds 5,800 Warranty expense Actual warranty repairs 4,200 Bad debt expense 2,200 Beginning balance in allowances for uncollectible accounts End balance in allowances for uncollectible accounts Tax rates for 2020 and future years 20% INSTRUCTIONS: (a) Determine taxable income for 2020. (b) Prepare the journal entry to record income taxes for 2020. (C) Prepare the income tax expense section of the income statement for the year ended Dec. 31, 2020. 900