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. Taxable income for 2020, $ 127,050. 3. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $ 278,300. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $ 114,950. 5 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Your answer is incorrect Compute the amount of pretax financial income for 2020 Pretax financial income e Textbook and Media List of Accounts Debit Credit Account Titles and Explanation DOME Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Kingbird Corporation Income Statement (Partial) Compute the effective tax rate for 2020. (Round answer to 0 decimal places, e.g. 25%) Effective tax rate %