Concord Inc. had accounting income of $155,000 in 2020. Included in the calculation of that amount is the CEO's life insurance expense of $3,500, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC)for tax purposes is $12,900 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year Prepare Concord's journal entry to record 2020 taxes, assuming IFRS and a tax rate of 25%. (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 for the amounts.) Debit Date Account Titles and Explanation Credit 2020 (To record current tax expense) Prepare Concord's journal entry to record 2020 taxes, assuming IFRS and a tax rate of 25%. (Credit account titles are automatically indented when the amount is entered. Do not intent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2020 (To record current tax expense) 2020 (To record deferred tax expense)