At the beginning of the current fiscal year, X Corporation has a deferred income tax liability balance of $15,000, which relates to depreciable assets. During the year, X Corporation reported the following information:

Income before income taxes for the year was $550,000 and the tax rate was 30%.

Depreciation expenses was $45,000 and Capital Cost Allowance was $30,000.

Unearned rent revenue was reported at $40,000. Rent revenue is taxable when cash is received. There was no opening balance in the unearned rent revenue account at the beginning of the year.

No other items affected deferred tax amounts other than these transactions.

*Unearned rent will be earned equally in the next year and the year after that.

Prepare all tax related journal entries as well as the Income Statement presentation beginning with Net Income before taxes.