The following information is available for Sheffield 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 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, $ 322,400.
4.		Tax rate for all years, 20%.

(a) Compute taxable income for 2019.

Taxable income

$

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