Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $60,000 and taxable income of $57,700, 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:

Required:
1. Prepare Wicks’s 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.

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2020 2021 2022 2023 $ 4,600 (15,500) Future taxable amounts Future deductible amount $4,900 $4,200 $4,100