The following data pertains to the Pamela Lee Company. At December 31. 2008, the company has a $30,000 liability reported for estimated litigation claims. This $30,000 balance represents amounts that have been charged to income but that are not tax deductible until they are paid, the company expects to pay the claims and thus have tax-deductible amounts in the future in the following manner: The company uses different depreciation methods for financial reporting and tax purposes. Conse-quently, at December 31, 1998. the company has a cumulative temporary difference due to depreciable property of $80,000. This $80,000 cumulative temporary difference due to depreciation is to result in taxable amounts in future years in the following manner. The tax rates enacted at the beginning of 2007 are as follows: Taxable income for 2008 is $80,000. Lee expects to report taxable income for at least the next five years. No temporary differences existed at the end of 2007. Prepare the journal entry for Lee to record income tax payable, deferred income taxes, and income tax expense for 2008. Prepare the income tax expense section of the income statement, beginning with the line "Income before income taxes