The following information is available for Novak Corporation for 2019 (its first year of operations).

1.		Excess of tax depreciation over book depreciation, $42,400. This $42,400 difference will reverse equally over the years 20202023.
2.		Deferral, for book purposes, of $20,300 of rent received in advance. The rent will be recognized in 2020.
3.		Pretax financial income, $272,300.
4.		Tax rate for all years, 20%.

Compute taxable income for 2019.

Taxable income

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $345,800.