The accounting records of Carr Incorporated show the following data for 2020. Carr uses the accrual method of accounting for financial statements. 3. 1. Life insurance expense on officers was $30,000. 2. Carr's controller died in an airline crash. Carr received $500,000 proceeds from al life insurance policy carried on the controller. 3. Carr uses the straight-line method to calculate depreciation for financial statements and an accelerated method to calculate depreciation for taxes. Straight-line depreciation is 140,000 and the accelerated depreciation is $200,000. 4. Interest revenue on State of New York bonds totaled $30,000. 5. Expenses incurred in obtaining State of New York bond income were $2,000. 6. Product warranties were estimated to be $120,000 in 2020. Actual repair and labor costs related to the warranties in 2020 were $30,000. The remainder is estimated to be paid evenly over the next two years. 7. Fines incurred for pollution violations were $100,000. 8. On November 1, 2020, Carr paid $36,000 for three years' offsite document storage. 9. Pretax financial income was $3,400,000. The enacted tax rate is 20% for 2020 and 22% for all future years. Instructions: a. Compute taxable income and income taxes payable for 2020. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.