The following information is available for Cheyenne Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $36,800. This $ 36,800 difference will reverse equally over the years 2020-2023. Deferral, for book purposes, of $ 20,200 of rent received in advance. The rent will be recognized in 2020. Pretax financial income, $ 310,100. 2. 3. 4. Tax rate for all years, 20%. X Your answer is incorrect. Compute taxable income for 2019. Taxable income $ 293400 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (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 O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 62000 Deferred Tax Asset 4040 Deferred Tax Liability 7360 Income Tax Payable 58680