The accounting records of Bramble Inc. show the following data for 2020 tits first year of operations), 1. 2 3. 4 Life insurance expense on officers was $7,000. Equipment was acquired in early January for $462,000. Straight line depreciation over a 6-year life is used, with no salvage value. For tax purposes, Bramble used a 30% rate to calculate depreciation Interest revenue on municipal bonds totaled $3.800, Product warranties were estimated to be $88,000 in 2020. Actual repair and labor costs related to the warranties in 2020 were $24.000. The remainder is estimated to be paid evenly in 2021 and 2022 Sales on an accrual basis were $509.000. For tax purposes, $398,000 was recorded on the installment-sales method. Fines incurred for securities violations were $11,000. Pretax financial income was $438,000. The tax rate is 30%. 5 5. 6. 7. Prepare a schedule starting with pretax financial income in 2020 and ending with taxable income in 2020. (Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses es (451) Schedule of Pretax Financial Income and Taxable income for 2020 Pretax financial income 438000 Permanent differences insurance Expense 7000 Band Interest Revenue v 3800 Securities Violation Fines 31000 459800 Temporary differences Depreciation Expense Warranty Expense 64000 Installment Sales 398000 Taxable income