ConcordInc. had accounting income of $151,800in 2020. Included in the calculation of that amount is the CEO's life insurance expense of $5,000, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC) for tax purposes is $12,500lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year. PrepareConcord's journal entry to record 2020 income tax. Assume a tax rate of25% and thatConcorduses the taxes payable method of accounting for income taxes under ASPE.

Whispering WindsTar and Gravel Ltd. operates a road construction business. In its first year of operations, the company obtained a contract to construct a road for the municipality of Cochrane West, and it is estimated that the project will be completed over a three-year period starting in June 2020.Whispering Windsuses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible,Whispering Windsuses the completed-contract method allowed by the CRA. For the second year of operations,Whispering Windsmade progress on the construction of the road for the municipality. The account balances at December 31, 2020 and 2021, for the construction project and the accounting and tax balances of accounts related to the equipment used for construction follow:

2021 2020

Accounts Receivable $115,000 $320,000

Asset/Liability(net of billings to date of $802,000and $400,000)112,000 100,000

Revenue from Long-Term Contracts 414,000 500,000

Construction Expenses 402,000 350,000

Equipment 1,100,000 1,100,000

Accumulated Depreciation-Equipment 453,000 176,000

Undepreciated Capital Cost 624,000 982,000

Whispering Winds's tax rate was25% in 2020 and 2021. The enacted tax rate for 2022 and subsequent years was reduced to20% on September 15, 2021. Income before income tax for the year ended December 31, 2020, was $195,000 and for December 31, 2021, was $131,000.Whispering Windsreports under IFRS.

a. Prepare the journal entry to record the effect of the change in the enacted tax rate.

b. Calculate any deferred tax balances at December 31, 2021.

c. Calculate taxable income and income tax payable for 2021.

d. Prepare the journal entries to record income taxes for 2021.

e. Provide comparative income statement for 2020 and 2021, beginning with the line "Income before income tax".

f. Provide the comparative SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021.

g. Provide the comparative balance sheet presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021, assumingWhispering Windsfollows ASPE.