Sarasota Corp.s operations in 2020 had mixed results. One division, Vincenti Group, again failed to earn income at a rate that was high enough to justify its continued operation, and management therefore decided to close the division. Vincenti Group earned revenue of $124,000 during 2020 and recognized total expenses of $117,400. The remaining two divisions reported revenues of $277,000 and total expenses of $210,900 in 2020. In preparing the annual income tax return, Sarasota Corp.s controller took into account the following information:

1.		The CCA exceeded depreciation expense by $4,200. There were no depreciable assets in the Vincenti Group division.
2.		Included in Vincentis expenses is an accrued litigation loss of $5,500 that is not deductible for tax purposes until 2021.
3.		Included in the continuing divisions expenses are the presidents golf club dues of $4,600, and included in their revenues are $1,700 of dividends from taxable Canadian corporations.
4.		There were no deferred tax account balances for any of the divisions on January 1, 2020.
5.		The tax rate for 2020 and future years is 30%.
6.		Sarasota Corp. reports under IFRS.

Calculate the taxable income and income tax payable by Sarasota Corp. in 2020 and the Deferred Tax Asset or Deferred Tax Liability balances at December 31, 2020.

Taxable income		$
Income tax payable		$
Deferred tax		$
Deferred tax		$

Prepare the journal entries to record income tax for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Year	Account Titles and Explanation	Debit	Credit
2020
	(To record current tax expense)
2020
	(To record deferred tax expense)
2020
	(To record deferred tax benefit on discontinued operations)