The following facts relate to Kingbird Corporation. 1. Deferred tax liability, January 1,2020,$36,300. 2. Deferred tax asset, January 1, 2020,\$12,100. 3. Taxable income for 2020,$127,050. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $278,300. 5. Cumulative temporary difference at December 31,2020 , giving ris to future deductible amounts, $114,950. 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Kingbird Corporation Income Statement (Partial) For the Year Ended December 31, 2020 $