Records for Corning -Howell has data for 1) life insurance was 3800 tax exempt for California bonds was 7000 2) Interest received on 3) Pretax financial income is 4) profit on installment sales was of receivables for those 5) Equipment acquired in WOR 600, 000, tax rate is 20% 480,000. profit from collections $320,000. January was 300,000. 10 ye straight line depreciation with zero salvage valve. MACRS is used and Corning deducts 14% for 2020. 6) estimated warranty liability in 2020 sales is 21600, maintenance costs under it were 13600, remainder is incurred in 2021. Please prepare a taxable income schedule with pretax financial income and calculate and record journal entries for income taxes for 2020