Daily Do Wok $($DDW$)$ started its operation on lan $1,2020.$ The Accounting Income of Year $2021$ was $78,500.$ It purchased Property, Plant and Equipment $($PPE$)$ that cost $1,000,000$ on Jan $1,2020.$ The PPE is estimated to have economic life of $10$ years. The PPE is amortized using straight line method; DD uses CCA rate $20\%$ for determining capital cost allowance. Capital Cost Allowance $($CCA$)$ for $2021$ was $180,000$ and Depreciation Expense recorded was $100,000\mathrm{.}170171$The following information is provided to calculate Taxable Income of $2021\mathrm{.}1731.$ The company pre$-$paid $28,800$ for insurance on PPE on Sep $1,2020$ for a period of $2$ years. The insurance expense is recognized at end of every year$\mathrm{.}174$The entire amount of $28,800$ can be deducted as expense in $2021$; however DDW chose not to recognize this expense evenly over $2$ years for taxpurposes$\mathrm{.}1751762.$ The president of DDW has a golf club membership at a local golf club. DDW paid $7,500$ for the yearly membership on July $1,2021\mathrm{.}3.$ DDW spent $12,600$ for meals and entertainment in $2021,50\%$ of this expense is tax deductible$\mathrm{.}4.$ DDW estimated that warranty expense for $2021$ is $13,750,$ actual repair cost in $2021$ was $11,540\mathrm{.}5.$ DDW rented out excess warehouse space to an unrelated company. The company paid $12,000$ to DDW on Oct $1,2021$ for a period of one year. For tax purpose, the entire amount should be reported in revenue for $2021$; however, for accounting purpose, rent revenue is recognized every month$\mathrm{.}6.$ Dividend income received from another taxable Canadian corporation was $19,000.$Income Tax Rate: $35\%$ for all yearsShaded Space for answers.Requirement$-1$ Calculate the following numbersTaxable Income for $2021$Current Income Tax Expense for $2021$Requirement$-2$ Identify the type of difference for each of the following items.CCA$/$DepreciationGolf Club MembershipInsurance ExpenseMeals and Entertainement ExpenseRental Income $-$ Warehouse Space