Carla Vista Corp. follows IFRS and began operations in $2023$ and reported accounting income of $$274,000$ for the year. Carla Vista's CCA exceeded its book depreciation by $$40,000.$ Carla Vista's tax rate for $2023$ and

years thereafter is $30\%.$ Assume that the $$40,000$ difference is the only difference between Carla Vista's accounting income and taxable income.

Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability. $($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.$)$

Date

Account Titles and Explanation

Debit

Credit

December $31,2023$

$($To record current tax expense$)$

December $31,2023$

$($To record deferred tax expense$)$