Current Attempt in Progress During 2020, Flounder Co.'s first year of operations, the company reports pretax financial income at $249,000. Flounder's enacted tax rate is 45% for 2020 and 20% for all later years. Flounder expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2023 2021 2022 2024 2025 Total Future taxable (deductible) amounts: Installment sales Depreciation Unearned rent $32,200 5,700 (45,200) $32.200 5,700 (45,200) $32,200 5,700 $5.700 $5,700 $96.600 28,500 (90,400) Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred Temporary Difference Future Taxable (Deductible) Amounts Tax Rate (Asset) Installment sales $96,600 % $ Nonronintion 29 on 07 Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred Temporary Difference Future Taxable (Deductible) Amounts Tax Rate (Asset) Installment sales $96,600 % Depreciation 28,500 % $ Unearned rent (90,400) % $ Totals $ $ e Textbook and Media List of Accounts Compute taxable income for 2020. Prepare the journal entry to record income taxes payable, deferred taxes, and income tax expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts