The following facts relate to Metlock Corporation. 1 2. 3. 4. Deferred tax liability, January 1, 2020.533,000. Deferred tax asset, January 1, 2020, 511,000 Taxable income for 2020. $115,500. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $253.000 Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts. $104,500. Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future. 5. 6 6. 7. X Your answer is incorrect. x Your answer is incorrect. Compute the amount of pretax financial income for 2020. Pretax financial income 242000 e Textbook and Media List of Accounts - Your answer is partially correct. 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 48400 Deferred Tax Asset 18700 Deferred Tax Liability 44000 23100 Income Tax Payable > Question 18 of 22 5.97/10 ! Prepare me income tax expense section or the income statement for cucu, neginning with the me income verore come (Enter negative amounts using either a negative sign preceding the number es 45 or parentheseses (451) Metlock Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes $ 242000 Income Tax Expense Current 23100 i Deferred 25300 48400 $ 193600 Not Innmelnssi