The following facts relate to Bramble Corporation. 1. 2. 3. 4. Deferred tax liability, January 1, 2020, $44,000. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $104,500. Pretax financial income for 2020, $110,000 Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $264,000. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $38,500. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 5. 6. 7. 8. Your answer is incorrect. Compute income taxes payable for 2020. Income taxes payable $ 20900 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Income Tax Expense Debit Credit 20900 Deferred Tax Asset 7700 Deferred Tax Liability 8800 Income Tax Payable 19800 Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes." (Enter negative amounts using elther a negative sign preceding the number eg. 45 or parentheses es. (451) Bramble Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes 110000 Income Tax Expense Current $ 23750 Deferred 1100 24850 Net Income /(Loss) 225150