The following information has been obtained for Shamrock Corporation. 1. Prior to 2020 , taxable income and pretax financial income were identical. 2. Pretax financial income is $1,564,000 in 2020 and $1,423,000 in 2021. 3. On January 1, 2020, equipment costing $1,292,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) 4. Interest of $63,000 was earned on tax-exempt municipal obligations in 2021. 5. Included in 2021 pretax financial income is a gain on discontinued operations of $197,000, which is fully taxable. 6. The tax rate is 20% for all periods. 7. Taxable income is expected in all future years. The following information has been obtained for Shamrock Corporation. 1. Prior to 2020 , taxable income and pretax financial income were identical. 2. Pretax financial income is $1,564,000 in 2020 and $1,423,000 in 2021. 3. On January 1, 2020, equipment costing $1,292,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) 4. Interest of $63,000 was earned on tax-exempt municipal obligations in 2021. 5. Included in 2021 pretax financial income is a gain on discontinued operations of $197,000, which is fully taxable. 6. The tax rate is 20% for all periods. 7. Taxable income is expected in all future years