The following information is available for the first three years of operations for Cooper Company 1. Year Taxable income 2020 $500,000 375,000 2022 400.000 2021 2. On January 2, 2020, heavy equipment costing $800,000 was purchased. The equipment had a life of takon each year is listed below Tax Depreciation 2020 2021 2022 2023. $264.000 $360,000 $120,000 $50,000 $800,000 d ear period. The entire $350.000 was reported a table income in 2021, bu 240.000 of the $360,000s reporte 3. On January 2 2021, $360,000 was collected in advance for rental of a building for a three revenue at December 31, 2021 for book purposes 4. The enacted tax rates are 20% for all years. Instructions Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2020 2021 8 2022 The following information is available for the first three years of operations for Cooper Company 1. Year Taxable income 2020 $500,000 375,000 2022 400.000 2021 2. On January 2, 2020, heavy equipment costing $800,000 was purchased. The equipment had a life of takon each year is listed below Tax Depreciation 2020 2021 2022 2023. $264.000 $360,000 $120,000 $50,000 $800,000 d ear period. The entire $350.000 was reported a table income in 2021, bu 240.000 of the $360,000s reporte 3. On January 2 2021, $360,000 was collected in advance for rental of a building for a three revenue at December 31, 2021 for book purposes 4. The enacted tax rates are 20% for all years. Instructions Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2020 2021 8 2022