Tess Corp. is in its first year of operation. The company has pretax financial income of $200,000. The company has the following items recorded in its records. No estimated tax payments were made during 2020. Premium of life insurance for its key officers 22,500 Book depreciation in excess of tax depreciation 800 Interest on municipal bonds 7,500 Warranty expense 3,500 Actual warranty repairs 5,500 Bad debt expense 4,200 Beginning balance in allowances for uncollectible accounts 500 End balance in allowances for uncollectible accounts 800 Tax rates for 2020 and future years 20%