Kingbird Corporation began 2020 with a $55,200 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $420,000, and it will reverse...

B. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

C. Prepare the income tax expense section of the income statement for 2020 beginning with the line “Income before income taxes.”.
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)