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The following information is available for Carla Corporation for 2020. 1. Depreciation reported on the...

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Accounting

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The following information is available for Carla Corporation for 2020. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $122,000. This difference will reverse in equal amounts of $30,500 over the years 2021-2024. 2. Interest received on municipal bonds was $10,000. 3. Rent collected in advance on January 1, 2020, totaled $63,900 for a 3-year period. Of this amount, $42,600 was reported as unearned at December 31, 2020, for book purposes. 4. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years. 5. Income taxes of $296,000 are due per the tax return for 2020. 6. No deferred taxes existed at the beginning of 2020 . Compute taxable income for 2020 . Taxable income for 2020 eTextbook and Media Prepare the journal entries to record income tax expense, deferred income tawes, and income taxes payable for 2020 and 2021 . Assume taxable income was \$1,062,000 in 2021. (Credit occount titles are outomatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts)

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