The following information is available for Riverbed Corporation for 2019 (its first year of operations). Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2020-2023. 1. 2. Deferral, for book purposes, of $21.900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2019. Taxable income 253600 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 109230 Deferred Tax Liability 2970 Income Tax Payable 105630 6570 Deferred Tax ASset Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $352,100. (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 59240 Deferred Tax Asset 3640 Deferred Tax Liability 7400 Income Tax Payable 55840