Calculate taxable income and income tax payable for 2024 and 2025. Calculate the deferred tax balances at December 31, 2024 and 2025. Prepare the journal entries to record income taxes for 2024 and 2025. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Ivanhoe Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Ivanhoe 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 $29,700 in 2024, $39,600 in 2025, and $49,500 in 2026 . Ivanhoe's accounting income for 2023 is $251,600 and $223,600 in each of 2024 and 2025 , and the tax rate for 2023, 2024 and 2025 is 30%. There are no deferred tax accounts at the beginning of 2023. Ivanhoe Corporation was informed on December 31 , 2024 that the enacted rate for 2025 and subsequent years is 25%