Blossom Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided int Tax Act, Blossom claimed CCA on its 2023 tax return but did not record any depreciation because the equipment was being This temporary difference will reverse and cause taxable amounts of $25,100 in 2024, $30,100 in 2025, and $40,100 in 20 Blossom's accounting income for 2023 is $202,600 and the tax rate is 30% for all years. There are no deferred tax accounts beginning of 2023. entries to record income taxes for 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Year Account Titles and Explanation 2023 2023 (To record current tax expense) (To record deferred tax expense) Debit Credit Blossom Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Blossom claimed CCA on its 2023 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $25,100 in 2024, $30,100 in 2025, and $40,100 in 2026. Blossom's accounting income for 2023 is $202,600 and the tax rate is 30% for all years. There are no deferred tax accounts at the beginning of 2023. (a) (a) Your answer is correct. Calculate the deferred tax balance at December 31, 2023. Deferred tax liability 28590 i Taxable income Income tax payable $ S 107300 32190 Prepare the journal entries to record income taxes for 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Year Account Titles and Explanation 2023 2023 (To record current tax expense) (To record deferred tax expense) Debit Credit ENG 12: