Assignment on Chapter 18, 19, 20-Due on Dec 2, 2023 #4. Catlass Corporation reported revenues of $200,000 and expenses of $80,000 in each of its first three years of operations for GAAP purposes. But, Conner reported taxable revenues of $160,000 in 2020, $200,000 in 2021, and $240,000 in 2022 for tax purposes to the IRS. For tax purposes, Conner reported the same expenses to the IRS in each of the years. Tax rate is 30% for all the three years. Instructions: (a)Show the computation of Income before and after Tax using GAAP GAAP 2020 Revenues (GAAP) Expenses (GAAP) Income before tax Tax rate (30%) Income after tax 2021 2022 (b)Show the computation of Income before and after Tax using IRS code IRS Revenues Expenses Income before tax Tax rate Income after tax 2020 2021 (c)Show the computation of Income after Tax using Comparison of Differences Income tax expense (GAAP) Income tax payable (IRS) Difference 2020 2022 Total Total 2021 2022 Total Assignment on Chapter 18, 19, 20-Due on Dec 2, 2023 (d) Prepare journal entry to record transaction at the end of 2020 to record income taxes. Account Date Debit Credit (e) Prepare journal entry to record transaction at the end of 2021 to record income taxes. Date Account Debit Credit (f) Prepare journal entry to record transaction at the end of 2021 to record income taxes. Date Account Debit Credit #5. Tyree Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $70,000 in 2021, $80,000 in 2022, and $90,000 in 2023. Brian's pretax financial income for 2020 is $300,000, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2020. Instructions a. Compute taxable income and income taxes payable for 2020. b. Prepare journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. Date Account Debit Credit