The following facts relate to Skysong Corporation. 1. 2. Deferred tax liability, January 1, 2020, $43,200. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $102,600. Pretax financial income for 2020, $108,000. 3. 4. 5. 6. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $259,200. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $37,800. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. (b) 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 Ofor the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 101400 Deferred Tax Asset 26000 Deferred Tax Liability 16000 Income Tax Payable 111400 e Textbook and Media List of Accounts Save for Later Attempts: 1 of 6 used Submit