The following information is available for Cullumber Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,200. This $41,200 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $18,700 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $319,200. 4. Tax rate for all years, 20%. (a) ZYour answer has been saved and sent for grading. See Gradebook for score details. Compute taxable income for 2019. Taxable income 296,700 (c) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $350,000. (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 71,680 Deferred Tax Liability 2,060 Deferred Tax Asset 3,740 Income Tax Payable 70,000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS on the Point Potential Policy set hy your instructor