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Recording and Reporting Multiple Temporary Differences Lake Company has the following results of operations on December 31,2020 1. Pretax GAAP Income in 2020, its first

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Recording and Reporting Multiple Temporary Differences Lake Company has the following results of operations on December 31,2020 1. Pretax GAAP Income in 2020, its first year of operations, totals $280.000. Taxable income is $25,000 2. Late Company recorded an installment sale receivable totaling 168,000, with a tax basis of so. This amount will be included in taxable income in future years. The company accrued in its 2020 naelal statements 340,000 as a pression for future warranty costs. This amount is not deductible for tax purposes. In 2000 but will be deductible in future years 4. The enacted tax rate for 2020 and ali tuture years in 25% Required a Provide the journal entry to record income tax expense for 2020, Note Ust multiple debits when applicabil in alphabeticaorder and multiple credits when applicable in aphabetical order . Note the journal entry includes an extra line that is not required, select 'N/A as the account name and bevether and Crawers bank terol in the very last row of the journalerey Duta Nr Name Del 2000 Support . a. Provide the journal entry to record income tax expense for 2020. Note: List multiple debits (when applicable) in alphabetical order and list multip Note: If the journal entry includes an extra line that is not required, select "N/A Account Name Dr. Date Dec. 31, 2020 Cr. Deferred Tax Asset Valuation Allowance for Deferred Tax Asset Income Tax Payable b. Prepare thLiability for Unrecognized Tax Benefits Deferred Tax Liability Note: Do no Income Tax Expense N/A Partial ent for 2020 and provide the b. Prepare the income tax section of the income statement for 2020 and provide the disclosure of current and deferred tax expense Note: Do not use negatives with your answers Partial income Statamant For the year anded December 31, 2020 come before income Support Financial Statement Disclosure 2020 Our Oferred Roscoe c.Compute the effective tax rate for 2020 Note: Round percentage to the nearest percentage (for example,enter 34 for 23,54% mective

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