Ayayai Corp., a public company following IFRS, began its 2023 fiscal year with a debit balance of $12,200 in its Income Tax Receivable account. During the year, Ayayai made quarterly income tax instalment payments of $7,480 each. In early June, a cheque was received from the Receiver General for Canada for Ayayai's overpayment of 2022 taxes. The refunded amount was exactly as Ayayai had calculated it would be on its 2022 income tax return. On completion of the 2023 income tax return, it was determined that Ayayai's income tax based on 2023 income was $38,500. Date Account Titles and Explanation Debit Credit (To record current tax instalment payment) (To record receipt of income tax refund) (To record current tax instalment payment) (To record current tax instalment payment) (To record current tax instalment payment) (To accrue current tax expense)