The following information is available for the first three years of operations for Wildhorse Company: 1. Year Taxable Income 2020 $610,000 2021 460,000 2022 510,000 2. On January 2, 2020, heavy equipment costing $710,000 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 $234,300 $319,500 $106,500 $49,700 $710,000 3. On January 2, 2021, $333,000 was collected in advance for rental of a building for a three-year period. The entire $333,000 was reported as taxable income in 2021, but $222,000 of the $333,000 was reported as unearned revenue at December 31, 2021 for book purposes. 4. The enacted tax rates are 20% for all years.

a-Prepare a schedule comparing depreciation for financial reporting and tax purposes.

b-Prepare a schedule of future taxable and (deductible) amounts at the end of 2021.

c-Prepare a schedule of the deferred tax (asset) and liability at the end of 2021.

d-Compute the net deferred tax expense (benefit) for 2021.

f-Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2021.