The following information is available for Metlock Corporation for 2020. 1. 2. 3. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $114,000. This difference will reverse in equal amounts of $28,500 over the years 2021-2024. Interest received on municipal bonds was $10.100. Rent collected in advance on January 1, 2020, totaled $57,000 for a 3-year period. Of this amount, $38,000 was reported as unearned at December 31, 2020, for book purposes. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years. 4. 5. Income taxes of $338,000 are due per the tax return for 2020. 6. No deferred taxes existed at the beginning of 2020. (a) Your answer is correct. Compute taxable income for 2020. Taxable income for 2020 $ 845000 eTextbook and Media List of Accounts Attempts: 2 of 3 used Compute pretax financial income for 2020. Pretax financial income for 2020 $ 931100 eTextbook and Media List of Accounts Attempts: 2 of 3 used (c) Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $951,000 in 2021. (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) Date Account Titles and Explanation 2020 Debit Credit 2021