Saxon company

Pretax financial income for 2021 Tax exempt interest (permanent difference) Originating installment sale gross profit (gives rise to taxable income in the future) Taxable income Deferred Tax Liability Balance as of 1/1/21 The enacted tax rate for 2021 is 20%. 1. Prepare a joumal entry at the end of the year. 2. What amount should be reported as the current and deferred portions of income tax expense in its 2021 income statement? and