The following information is available for Bonita Corporation for 2020.

1.Depreciation reported on the tax return exceeded depreciation reported on the income statement by $116,000. This difference will reverse in equal amounts of $29,000 over the years 20212024.

2.Interest received on municipal bonds was $10,200.

3.Rent collected in advance on January 1, 2020, totaled $60,000 for a 3-year period. Of this amount, $40,000 was reported as unearned at December 31, 2020, for book purposes.

4.The tax rates are 40% for 2020 and 35% for 2021 and subsequent years.

5.Income taxes of $312,000 are due per the tax return for 2020.

6.No deferred taxes existed at the beginning of 2020.