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Cullumber Ltd. began business on January 1, 2022. At December 31, 2022, it had a $68,250 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2022, at a cost of $1,050,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8-20\% asset for tax purposes. Cullumber's income before income tax for 2023 was $58,000. Cullumber follows IFRS. The following items caused the only differences between accounting income before income tax and taxable income in 2023. 1. In 2023 , the company paid $56,250 for rent; of this amount, $18,750 was expensed in 2023 . The other $37,500 will be expensed equally over the 2024 and 2025 accounting periods. The full $56,250 was deducted for tax purposes in 2023 . 2. Cullumber pays $9,000 a year for a membership in a local golf club for the company's president. 3. Cullumber now offers a one-year warranty on all its merchandise sold. Warranty expenses for 2023 were $9,000. Cash payments in 2023 for warranty repairs were $4,500. 4. Meals and entertainment expenses (only 50\% of which are ever tax deductible) were \$12,900 for 2023. 5. The maximum allowable CCA was taken in 2023. There were no asset disposals for 2023. Assume the PPE is considered "eligible equipment" for purposes of the Accelerated Investment Incentive (under the All, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate). Income tax rates have not changed since the company began operations. Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2023. Balance in deferred tax account \$ Calculate income tax payable for 2023. Income tax payable $ Prepare the journal entries to record income taxes for 2023. (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.) Prepare the income tax expense section of the income statement for 2023 , beginning with the line "Income before income tax." ORIOLE LTD. (Partial) Income Statement $ $ ndicate how deferred taxes should be presented on the December 31, 2023 SFP