The following information is available for the first three years of operations for Crane Company: 1. Year Taxable Income 2020 $520,000 2021 370,000 2022 420,000 2. On January 2, 2020, heavy equipment costing $620,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: Tax Depreciation 2020 2021 2022 2023 Total $204,600 $279,000 $93,000 $43,400 $620,000 3. On January 2, 2021, $306,000 was collected in advance for the rental of a building for a three-year period. The entire $306,000 was reported as taxable income in 2021, but $204,000 of the $306,000 was reported as unearned revenue on December 31, 2021, for book purposes. 4. The enacted tax rates are 20% for all years.