A public corporation is in the process of preparing its financial statements for its second year of operations ending December 31, 2020. Pertinent information follows: 1) Accounting income before tax is $7,571,000. 2) The carrying amounts and UCC amounts for property, plant and equipment were as follows. Carrying amount of property, plant and equipment, January 1, 2020 $450,000 Depreciation expense 50,000 Carrying amount of property, plant and equipment, December 31, 2020 $400,000 UCC for property, plant and equipment, January 1, 2020 $350,000 CCA 70,000 UCC for property, plant and equipment, December 31, 2020 $288,000 And it is expected to last for another 9 years. 3) Assume warranty expense is only deductible when paid. The balance for the warranty expense was as follows; This difference is expected to reverse in 2021. Beginning balance, January 1, 2020 $100,000 cr Warranty expense 85,000 Claims paid 65,000 Ending balance, December 31, 2020 120,000 cr 4) The accounting income before tax included $34,000 in entertainment expenses, of which only 50% can ever be deducted for income tax purposes. 5) The tax rate is 30% for all years. Instructions a. Reconcile accounting income before tax to taxable income for 2020. (In other words, calculate taxable income.) Please indicate in your calculation, which differences are permanent, and which are reversing. b. Prepare the journal entries to report current and deferred income tax expense in 2020. C. Prepare the journal entries to report deferred income tax expense in 2020 assuming there are no other differences than those identified above and that the company was informed on December 31, 2020 that the enacted rate for 2023 and subsequent years is will be 32%