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Bandung Corporation began 2020 with a $46,000 balance in the Deferred Tax Liability account. At...

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Accounting

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Bandung Corporation began 2020 with a $46,000 balance in the Deferred Tax Liability account. At the end of 2020 , the related. cumulative temporary difference amounts to $350.000, and it will reverse evenly over the next 2 vears. Pretix accounting income for 2020 is $52,000, the tax rate for all years is 20%, and taxable income for 2020 is $405,000. Compute income taxes payable for 2020 . Income taxes payable Prepare the joumal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 . (Credit account titles are automatically indented when amount is entered. Do not indent monuslly. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.) Prepare the income tax expense section of the income statement for 2020 beginning with the line "Income before income taxes: (Enter negative amounts using either a negative slgn precedling the riumber eg. -45 or paren theses eg. (45))

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