Current Attempt in Progress The following information is available for Larkspur Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,000. This $41,000 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $19,900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $291,500. 4. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2019. Taxable income $ eTextbook and Media List of Accounts 270400 -Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (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 Income Tax Expense Debit Credit Deferred Tax Asset Income Tax Payable Deferred Tax Liability eTextbook and Media List of Accounts * Your answer is incorrect. 4100 8200 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $296,100. (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