P19.4B (L0 1,2,4) (Permanent and Temporary Differences, One Rate) The accounting roconds of Pinecone Inc: show the following data for 200x 1. Life insurance expense on officers was $7,000. 2. Equipment was acquired in early lanuary for $450,000. Straight-line depreciation over a 6-year life is used, with no salvage value. For tax purposes, Pinecone used a 30 s rate to calculate depreciation. 3. Interest revenue on municipal bonds totaled 53,600 . 4. Product warranties were estimated to be $90,000 in 2030 . Actual repair and labor costs related to the warranties in 2030 were $24,000. The remainder is estimited to be paid evenly in 2021 and 2022 5. Sales on an accrual basis were $500,000. For tax purpoes, $400,000 was recorded on the installment-sales method. 6. Fines incurred for wecurities violations were 510,600 . 7. Pretax financial income was $40000. The tax rate is 20 . Instructions (a) Prepare a schedule starting with pretax financial incume in 2000 and ending with taxable income in 2000 . (b) Prepare the joumal entry for 2020 to nccind income taves payable, income tax expense, and deferred income taxes