St. Patrick's Company began operations in 2021 and has the following information for the year: 1. Pretax financial income for 2021 is $150,000. 2. The enacted tax rate is 21%. 3. Differences between the 2021 income statement and tax return are listed below: a. Depreciation for financial reporting purposes was $90,000. Depreciation deductible on the tax retum is $120,000. b. Interest revenue earned on a tax-exempt investment in the City of Dublin municipal bonds was $2,100. c. The company uses the allowance method for estimating bad debts. During 2021 it recorded bad debt expense of $7,500. The company actually wrote off $3,000 of uncollectible accounts in 2021 and deducted these on its tax return. d. St. Pat purchased 40% of the stock in Shamrock Corporation, exercises significant influence over the company and reports this investment using the equity method. During 2021, Shamrock reported net income of $345,000 and paid cash dividends of $232,500 (remember, St. Pat's portion is 40%). e. St. Pat worked his leprechauns' overtime but failed to pay them time and a half. As a result, the company paid a $5,250 fine which it deducted in computing pretax financial income INSTRUCTIONS a. Compute taxable income for 2021. b. Compute the deferred taxes at December 31, 2021 which relate to the temporary differences described above. c. Prepare the journal entry to record income tax expense, any deferred tax asset, any deferred tax liability and income tax payable for 2021. d. Draft the income tax expense section of the income statement, beginning with "Income before income taxes. c. Assume that in 2022 St. Pat did not experience the luck of the Irish and reported a pretax operating loss of S67.350. St. Pat hopes to find the pot of gold at the end of the rainbow and expects taxable income for the next several years. Ignoring all temporary and permanent differences in tax and book income, prepare the journal entry to record St. Pat's income tax expense for 2022