The accounting records of Coronado Inc. show the following data for 2020 (its first year of operations).

1.		Life insurance expense on officers was $8,400.
2.		Equipment was acquired in early January for $308,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Coronado used a 30% rate to calculate depreciation.
3.		Interest revenue on State of New York bonds totaled $4,400.
4.		Product warranties were estimated to be $52,100 in 2020. Actual repair and labor costs related to the warranties in 2020 were $10,500. The remainder is estimated to be paid evenly in 2021 and 2022.
5.		Gross profit on an accrual basis was $97,000. For tax purposes, $78,900 was recorded on the installment-sales method.
6.		Fines incurred for pollution violations were $4,600.
7.		Pretax financial income was $710,100. The tax rate is 30%.

Your answer is partially correct. Prepare a schedule starting with pretax financial income in 2020 and ending with taxable income in 2020. Schedule of Pretax Financial Income and Taxable income for 2020 Pretax financial income Permanent differences Insurance Expense $ 710100 8400 Bond Interest Revenue -4400 Pollution Fines 4600 8600 Temporary differences Installment Sales -18100 Depreciation Expense -30800 Warranty Expense 41600 Taxable income 711400