The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020, $31,500. 2. Deferred tax asset, January 1, 2020, $10,500. Taxable income for 2020, $110,250. 3. 4. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $241,500. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $ 99,750. Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future. 6. 7. (a) Your answer is correct. Compute the amount of pretax financial income for 2020. Pretax financial income LA $ 147000 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 Debit Credit Income Tax Expense 29,400 Deferred Tax Asset 9,450 Income Tax Payable 22,050 Deferred Tax Liability 16,800 Concord Corporation Income Statement (Partial) $