The 2020 records af Laredo Inc. show the following reconciliation of accounting to taxable income: $ 124,000 Income before tax Add (Deduct) Dlvidend income from taxable Canadian Corps CCA > depreciation Warranty payments > expense Non-deductible expenses Taxable income ($2,900) (542,300) ($500) $2.900 $81,200 In 2019, the company reported an operating loss and the tax benefit was fully recognized at the time through both LCB and LCF due to "MLINtillation. Selected balance sheet accounts at December 31, 2019 areas follows: FITA current re. warranty Income tax recoverable ire. LOB FITA Current re. LCF FITL long term capex Warranty payable NBV of caplal assets UCC $320 $16,400 $20,000 $48,000 $11,000 $613,000 $4681000 sheel accounts at December 31, 2019 are as follows: FITA currentre. warranty Income tax recoverable re. LCB FITA current re. LCE FITL long term re, capex Warranty payable NBV of capital assets UCE $320 $16,400 $20,000 $48.000 $1,000 $618,000 $468,000 Depreciation expense in 2020 was $41,000. The enacted tax rates for 2019 and 2020 were 32% and 38% respectively REQUIRED Present the lower portion of the incomeslalement and show all related JEs for 2020. . The 2020 records af Laredo Inc. show the following reconciliation of accounting to taxable income: $ 124,000 Income before tax Add (Deduct) Dlvidend income from taxable Canadian Corps CCA > depreciation Warranty payments > expense Non-deductible expenses Taxable income ($2,900) (542,300) ($500) $2.900 $81,200 In 2019, the company reported an operating loss and the tax benefit was fully recognized at the time through both LCB and LCF due to "MLINtillation. Selected balance sheet accounts at December 31, 2019 areas follows: FITA current re. warranty Income tax recoverable ire. LOB FITA Current re. LCF FITL long term capex Warranty payable NBV of caplal assets UCC $320 $16,400 $20,000 $48,000 $11,000 $613,000 $4681000 sheel accounts at December 31, 2019 are as follows: FITA currentre. warranty Income tax recoverable re. LCB FITA current re. LCE FITL long term re, capex Warranty payable NBV of capital assets UCE $320 $16,400 $20,000 $48.000 $1,000 $618,000 $468,000 Depreciation expense in 2020 was $41,000. The enacted tax rates for 2019 and 2020 were 32% and 38% respectively REQUIRED Present the lower portion of the incomeslalement and show all related JEs for 2020