Windsor Compary reports pretax financial income of $$70,000$ for $2020.$ The following items cause taxable income to be

different than pretax financial income.

Depreciation on the tax return is greater than depreciation on the income statement by $$15,100.$

Rent collected on the tax return is greater than rent recognized on the income statement by $$23,200.$

Fines for pollution appear as an expense of $$10,300$ on the income statement.

Windsor's tax rate is $30\%$ for all years, and the company expects to report taxable income in all future years. There are no

deferred taxes at the beginning of $2020.$

$($a$)$

Compute taxable income and income taxes payable for $2020.$

Taxable income

$$88400$

Income taxes payable

$$26520$

$($b$)$ Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2020.$