Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Indigo Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,110,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% (half-year rule applies for 2019). Indigo's income before tax for accounting purposes for 2020 was $11,700,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Indigo follows IFRS. (a 1) Your answer is correct. Calculate taxable income and taxes payable for 2020. 11,601,950 Taxable income Income taxes payable 2,320,390 List of Accounts Attempts: 1 of 3 used (a2) 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 for the amounts.) Account Titles and Explanation Debit Credit Current Tax Expense 2,320,390 Income Tax Payable 2,320,390 (To record current tax expense.) Deferred Tax Expense Deferred Tax Asset Deferred Tax Liability (To record deferred tax expense.) List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Last saved 1 hour ago Saved work will be auto-submitted on the due date