Recording Income Tax Expense (14 points) Allman, Inc. purchased equipment on January 1, 2020 for $150,000. Its useful life was 10 years with no residual value. Depreciation for financial reporting is straight-line. For tax purposes, 2020 MACRS (accelerated) depreciation for tax purposes was $35,600. Taxable income was $300,000 for 2020 and the company's tax rate was 25%. Assume 50 deferred tax liability balance as of December 31, 2019. Required: Record the income tax journal entry for December 31, 2020. 2. Recording Temporary Differences (14 points) The records of Cruze Corporation provided the following reconciliation between taxable income and pretax GAAP income for 2020: Taxable income $144,000 Depreciation expense 36,000 Bad debt expense (48.000 Pretax GAAP income S132,000 The depreciation adjustment results from a difference between the GAAP basis and tax basis of depreciable equipment. The bad debt expense adjustment results from a difference between the GAAP basis and tax basis of net accounts receivable. The deferred tax accounts have a zero balance at the start of 2020. Tax rate is 25%. . Required: Record the income tax journal entry for December 31, 2020