Sunland Company purchased equipment for $300,000 on January 2, 2020, its first day of operations. For book purposes, the equipment will be depreciated using the straight-line method over three years with no salvage value. Pretax financial income and taxable income are as follows: 2020 Pretax financial income $217,000 Taxable income 191,000 2021 $257,000 257,000 2022 $297,000 323,000 The temporary difference between pretax financial income and taxable income is due to the use of accelerated depreciation for tax purposes. Prepare the journal entries to record income taxes for all three years (expense, deferrals, and liabilities) assuming that the enacted tax rate applicable to all three years is 20%. (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 titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Income Tax Expense Deferred Tax Liability Income Tax Payable 2021 Income Tax Expense Income Tax Payable Income Tax Expense Deferred Tax Liability Income Tax Payable Prepare the journal entries to record income taxes for all three years (expense, deferrals, and liabilities) assuming that the enacted tax rate as of 2020 is 20% but that in the middle of 2021, Congress raises the income tax rate to 25% retroactive to the beginning of 2021. (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 titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Income Tax Expense Deferred Tax Liability Income Tax Payable 2021 Income Tax Expense Deferred Tax Liability Income Tax Payable 2022 Income Tax Expense Deferred Tax Liability Income Tax Payable