The following differences enter into the recognition of financial income and taxable income of Metro Co. for the year ended December 31, 20x1, its first year of operation. The enacted income tax rate is 30% for all years. Pretax accounting income 350,000 Excess tax depreciation 160,000 Litigation accrual 35,000 Unearned rent revenue 25,000 (deferred on the books, but appropriately recognized in taxable income and reported on the tax return) Interest income from Denver municipal bonds 10,000 1. Excess tax depreciation will reverse equally over a four-year period, 20x2-20x5. 2. It is estimated that the litigation liability will be paid in 20x5. 3. Rent revenue will be recognized during the last year of the lease, 20x5. a) Determine the taxable income for 20x1. b) Make a journal entry to record the income tax expense and liabilities for 20x1