P$\mathrm{.}19\mathrm{.}1$ P$19\mathrm{.}1($LO $1,2,4)$ Excel $($Three Differences, No Beginning Deferred Taxes, Multiple Rates$)$ The following information is available for Remmers Corporation for $2020.$ Depreciation reported on the tax return exceeded depreciation reported on the income statement by $$120,000.$ This difference will reverse in equal amounts of $$30,000$ over the years $20212024.2.$ Interest received on municipal bonds was $$10,000.3.$ Rent collected in advance on January $1,2020,$ totaled $$60,000$ for a $3-$year period. Of this amount, $$40,000$ was reported as unearned at December $31,2020,$ for book purposes. $4.$ The tax rates are $20\%$ for $2020$ and $17\%$ for $2021$ and subsequent years. $5.$ Income taxes of $$160,000$ are due per the tax return for $2020.6.$ No deferred taxes existed at the beginning of $2020.$ Instructions: a$.$ Compute taxable income for $2020.$ b$.$ Compute pretax financial income for $2020.$ c$.$ Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for $2020$ and $2021.$ Assume taxable income was $$480,000$ in $2021.$ d$.$ Prepare the income tax expense section of the income statement for $2020,$ beginning with $$Income before income taxes.$$