The following facts relate to Martinez Corporation 1. Deferred tax liability, January 1, 2020, $41,600. 2 Deferred tax asset, January 1, 2020,$0. 3. Taxable income for 2020, $98,800. 4. Pretax financial income for 2020, $104,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts $249,600, 6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $36,400. 7. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 8. Your answer is correct Compute income taxes payable for 2020, Income taxes payable 19760 eTextbook and Media List of Accounts Your answer is partially correct 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 Deferred Tax Asset Income Tax Payable Deferred Tax Liability e Textbook and Media List of Accounts 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.(451) Martinez Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes $ Income Tax Expense Current Deferred Net Income /(Loss) eTextbook and Media List of Accounts