Blossom Corporation began 2020 with a $57,040 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $434,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $651,000, the tax rate for all years is 20%, and taxable income for 2020 is $502,200.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.