Sarasota Inc. has two temporary differences at the end of 2019. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Sarasotas accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. | | 2020 | | 2021 | | | 2022 | | | 2023 | Taxable amounts | | $36,800 | | $46,300 | | | $59,500 | | | $81,000 | Deductible amounts | | | | (15,700 | ) | | (19,100 | ) | | | | | $36,800 | | $30,600 | | | $40,400 | | | $81,000 | As of the beginning of 2019, the enacted tax rate is 34% for 2019 and 2020, and 20% for 20212024. At the beginning of 2019, the company had no deferred income taxes on its balance sheet. Taxable income for 2019 is $478,000. Taxable income is expected in all future years. | | | |