Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $54,300 and taxable income of $62,830, due to two temporary differences. The income tax rate is 30% for 2019 through 2021, but Congress has enacted a tax rate of 35% for 2022 and beyond. To determine its deferred taxes, Wicks prepared the following schedule of expected future taxable and deductible amounts for the two temporary differences:

2020

2021

2022

2023

Future taxable amounts

$4,600

$3,800

$4,700

$3,600

Future deductible amount

(15,100)

Required:

1.	Prepare Wickss income tax journal entry at the end of 2019. Assume a valuation allowance is not required.
2.	Prepare the lower portion of the 2019 income statement for Wicks.