Bridgeport Inc. reports accounting income of $110,000 for 2020, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements. 2. 3. 4. Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $19,800. Rent revenue reported on the tax return is $29,700 higher than rent revenue reported on the income statement. Non-deductible fines appear as an expense of $18,700 on the income statement. Bridgeport's tax rate is 30% for all years and the company expects to report taxable income in all future years. Bridgeport reports under IFRS. Calculate taxable income and income tax payable for 2020. Taxable income for 2020 $ 138600 Income tax payable for 2020 $ 41580 Calculate any deferred tax balances at December 31, 2020. Deferred tax eTextbook and Media List of Accounts LA 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) Debit Credit LA LA Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax." Bridgeport Inc. (Partial) Income Statement > EA > +A Reconcile the statutory and effective rates of income tax for 2020. (Round percentages to 1 decimal place, e.g. 25.7%.) 30% Divided by Accounting Income LA $ LA Provide the SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020. Bridgeport Inc. (Partial) Balance Sheet $ Provide the SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020. Assume that Bridgeport follows ASPE. Bridgeport Inc. (Partial) Balance Sheet $