sk Chapter 19 Question 6 of 7 9.51/152 View Policies Show Attempt History Current Attempt in Progress During 2020, Concord Cois first year of operations, the company reports pretax financial income at $247,300. Concord's enacted tax rate is 45% for 2020 and 20% for all later years. Concord expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible amounts: Installment sales $33,800 $33.800 $33.800 $101.400 Depreciation 5,800 5,800 5.800 $5,800 $5,800 29.000 Unearned rent 147,000) (47.000) (94.000) Your answer is partially correct. Como hace onanNearntanaithathum otv Your answer is partially correct. Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number es. -45 or parentheses es (451) Deferred Temporary Difference Future Taxable (Deductible) Amounts Tax Rate (Asset) Installment sales $101.400 45 % $ 5 Depreciation 29.000 45 % $ O $ Unearned rent (94,000) 45 % $ 42300 Totals $ 36400 $ 42300 eTextbook and Media List of Accounts tv 27 DO SO Your answer is partially correct. Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (451) Deferred Tax Future Taxable Seductible) Amounts Tax Rate (Asset) Liability $101.400 45 % $ 45630 29,000 45 % $ 0 13050 194,000) 45 % $ 42300 0 36400 $ 42300 55980 e Textbook and Media List of Accounts atv A 27 Do List of Accounts Question Part Score 1.82/5.5 Your answer is correct Compute taxable income for 2020 Taxable income for 2020 $ 210900 eTextbook and Media List of Accounts Question Part Score atv A 27 Do Your answer is partially correct. Prepare the journal entry to record income taxes payable, deferred taxes, and income tax expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payable e Textbook and Media List of Accounts tv 27