E$19-1($LO$1,2)$ EXCEL $($One Temporary Difference, Future Taxable Amounts, One Rate, No Beginning Deferred Taxes$)$ South Carolina Corporation has one temporary difference at the end of $2017$ that will reverse and cause taxable amounts of $$55,000$ in $2018,$ $$60,000$ in $2019,$ and $$65,000$ in $2020.$ South Carolina's pretax financial income for $2017$ is $$300,000,$ and the tax rate is $30\%$ for all years. There are no deferred taxes at the beginning of $2017.$Instructions$($a$)$ Compute taxable income and income taxes payable for $2017.($b$)$ Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2017.($c$)$ Prepare the income tax expense section of the income statement for $2017,$ beginning with the line "Income before income taxes."