The following information is available for Blossom Corporation for 2020.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2021–2024.2. Interest received on municipal bonds was $9,300.3. Rent collected in advance on January 1, 2020, totaled $64,200 for a 3-year period. Of this amount, $42,800 was reported as unearned at December 31, 2020, for book purposes.4. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years.5. Income taxes of $297,000 are due per the tax return for 2020.6. No deferred taxes existed at the beginning of 2020.Requried:Prepare the income tax expense section of the income statement for 2020.