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Treat Yourself, Inc. began operations in 2020. Taxable income and pretax financial income would be identical for Treat Yourself, Inc. during 2020 except for (1)

Treat Yourself, Inc. began operations in 2020. Taxable income and pretax financial income would be identical for Treat Yourself, Inc. during 2020 except for (1) the recognition of sales revenue on installment sales, (2) political contributions, and (3) depreciation expense. The table below shows the companys calculations of pre-tax (GAAP) financial income as well as additional tax-related information, including the expected average tax rates each year:

GAAP Calculations: 2020 2021 2022
Revenues minus expenses (excluding the items below) $265,000 $335,000 $490,000
Installment sales revenue 80,000 -0- -0-
Political contribution expense (15,000) (15,000) (15,000)
Depreciation expense (60,000) (50,000) (45,000)
Pre-tax (GAAP) Financial Income $270,000 $270,000 $430,000
Tax-related information: 2020 2021 2022
Taxable installment sales collections 20,000 35,000 25,000
Deductible depreciation (100,000) (20,000) (35,000)
Average tax rates 25% 28% 30%

The installment sales revenue recognized in 2020 is taxable as shown in the 'tax-related information' above. The political contribution expense is not tax deductible. Tax deductions for depreciation differ from depreciation expense and are also shown above. All tax rates shown above were enacted into law on January 1, 2020.

Which of the following will Treat Yourself record related to income taxes during 2020? Mark all that apply.

DEBIT: Current Income Tax Expense

DEBIT: Deferred Income Tax Expense

DEBIT: Deferred Tax Asset

CREDIT: Current Income Tax Expense

CREDIT: Income Taxes Payable

CREDIT: Deferred Tax Liability

CREDIT: Deferred Income Tax Expense

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