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(12 points) The records for Ross Mississippi Tanning show this data for 2020: Insurance proceeds to the firm (due to the death of an insured executive) was $150,000. Life insurance premiums covering this executive for the year was $6,000. In total, the firm covers five insured executives (with the firm as the beneficiary), with a insurance premium cost of $30,000 in total ($6,000 each The firm illegally exported some goods, resulting in a fine of $18,000. The firm received $3,000 in interest from corporate bonds, and $1,500 in interest from municipal bonds. The firm uses straight-line depreciation for book purposes. Depreciation has been $50,000 per year for the past four years. For tax purposes, depreciation has been: o 2017: 30,000 2018: 70,000 2019: 55,000 2020: 45,000 The firm paid $10,000 in rent during 2020. $8,000 was for rent during the current year, and $2,000 was a prepayment for the first quarter of 2021. Pretax financial income is $500,000. The tax rate is 30%. . Required 1.) Prepare the "book-tax grid" i.e. a schedule of the differences between with pretax financial income and taxable income) for 2020. Line Item Amount Pretax financial income (BI) Taxable income (TI) 2.) Prepare the journal entry to record income taxes for 2020. Debit or Credit? Account Name Amount 3.) Compute the company's effective tax rate for 2020