Blue Spruce Inc. reports accounting income of $116,000 for 2020, its first year of operations. The following items ca taxable income to be different than income reported on the financial statements. 1. 2. 3. 4. Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $13,900. Rent revenue reported on the tax return is $20,850 higher than rent revenue reported on the income staten Non-deductible fines appear as an expense of $11,300 on the income statement. Blue Spruce's tax rate is 30% for all years and the company expects to report taxable income in all future year Spruce reports under IFRS. Calculate taxable income and income tax payable for 2020. Taxable income for 2020 Income tax payable for 2020 Deferred tax Calculate any deferred tax balances at December 31, 2020. A Prepare the journal entries to record income taxes for 2020. (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 2020 2020 (To record current tax expense) (To record deferred tax benefit) Debit Credit S Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax." Blue Spruce Inc. (Partial) Income Statement 1A Reconcile the statutory and effective rates of income tax for 2020. (Round percentages to 1 decimal place, e.g. 25.7%.) 0 1A $ 30% Divided by Accounting Income Provide the SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020. Blue Spruce Inc. (Partial) Balance Sheet S Provide the SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020. Assume that Blue Spruce follows ASPE. Blue Spruce Inc. (Partial) Balance Sheet