Blossom Limited, follows IFRS, is in the process of preparing its financial statements for its second year of operations ending December $3$I, $2$O$23.$ Pertinent information follows:

Accounting income before tax is $$9,000,000.$

Depreciation on property, plant and equipment is $$900,000$ and CCA claimed is $$1,500,000.$

The company sells a product with a $2-$year warranty. The estimated warranty cost on an Accrual basis is $$3,000,000$ and spent $$1,200,000$ on a Cash Basis.

The accounting income before tax included a $$300,000$ fine.

On January $1^{st},2023,$ the company received three years advance rent income $($for $2023$ through $2025)$ of $$540,000,$ which was recorded as unearned revenue for book purposes, but which must be reported as $2023$ revenue for income tax purposes.

The tax rate for years prior to $2023$ was $40\mathrm{.}0\%$; for $2023$ the tax rate is $50\mathrm{.}0\%.$

The balance $($debit$)$ in the Future Income Tax Asset account as of December ${31}^{st},2022,$ was $$275,000.$

Required:

Prepare the compound journal entry to record the Income Tax for $2023.$

Prepare the $2023$ income statement, beginning with income before income

Please Use Format Below to Answer the Required Entries:

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