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Iccounting for Income Taxes The accounting records of Lane Incorporated show the following data for 2020. Lane uses the accrual method of accounting for financial statements. 1. Life insurance expense on officers was $20,000. 2. I ane's CEO died in an airline crash. Lane received $600,000 proceeds from a life insurance policy carried on the CEO. 3. Lane uses the an accelerated method to calculate depreciation for financial statements and the straight-line method to calculate depreciation for taxes. Straight-line depreciation is 160,000 and accelerated depreciation is $220,000. 4. Interest revenue on State of New Jersey bonds totaled $30,000. 5. Expenses incurred in obtaining State of New Jersey bond income were $1,000. 6. Product warranties twere estimated to be $240,000 in 2020. Actual repair and labor costs related to the warranties in 2020 were $60,000. The remainder is estimated to be paid evenly over the next two years. 7. Fines incurred for pollution violations were $90,000. 8. On November 1, 2020, Lane paid $4$,000 for four years' offsite document storage. 9. Pretax financial income was $3,$00,000. The enacted tax rate is 22% for 2020 and 20% for all future years. Instructions: a. Compute taxable income and income taxes payable for 2020 . b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020