Teal Inc.s only temporary difference at the beginning and end of 2019 is caused by a $3,120,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is $1,248,000. In the third quarter of 2019, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2021. Taxable income for 2019 is $5,200,000, and taxable income is expected in all future years.

Computation of Deferred Tax Liability
	Amount	Tax Rate	DTL
Installment Due in 2020	$		$
Installment Due in 2021	$		$
Total Deferred Tax Liability			$

Journal Entry
Date	Account Tittle	Debit	Credit
	Deferred Tax Liability	$
	Income Tax Expense		$

Part-3: Partial Income Tax Section
Income Before Income tax		$
Income Tax Expense
Current tax	$
Deferred Tax	$	-$
Net Income		$