Current Attempt in Progress For the year ended December 31, 2020, Blossom Ltd. reported income before income taxes of $96,000. In 2020, Blossom Ltd. paid $51,000 for rent; of this amount, $17,000 was expensed in 2020. The remaining $34,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2021-2022 period. The full $51,000 was deductible for tax purposes in 2020. The company paid $72,000 in 2020 for membership in a local golf club (which was not deductible for tax purposes). In 2020 Blossom Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2020 were $52,000, of which $36,000 was actual repairs for 2020 and the remaining $16,000 was estimated repairs to be completed in 2021. Meal and entertainment expenses totalled $16,000 in 2020, only half of which were deductible for income tax purposes. Depreciation expense for 2020 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $226,000. Blossom was subject to a 20% income tax rate for 2020. Blossom follows IFRS. At January 1, 2020, Blossom Ltd. had no balances in deferred tax accounts. Calculate taxable income and taxes payable for 2020. 132000 Taxable income, 2020 $ Taxes payable, 2020 $ 26400 Prepare the journal entries to record 2020 income taxes (current and deferred). (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 o for the amounts.) Account Titles and Explanation Debit Credit Current Tax Expense 26400 Income Tax Payable 26400 (To record current tax expense.) Deferred Tax Expense Deferred Tax Liability (To record deferred tax expense.) e Textbook and Media Save for Later Last saved 1 day ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto