defered tax asset and liability will be credit with how much values?

Question 1 of 3 9/10 III View Policies Show Attempt History Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Crane Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,242,000. 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). Crane's income before tax for accounting purposes for 2020 was $12,800,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Crane follows IFRS. (a 1) Your answer is correct. Calculate taxable income and taxes payable for 2020. Taxable income $ 12690290 Income taxes payable $ 2538058 e Textbook and Media List of Accounts Attempts: 2 of 3 used (a2) Question 1 of 3 9/10 e textbook and media List of Accounts Attempts: 2 of 3 used (a2) Your answer is partially correct. 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.) Debit Credit Account Titles and Explanation Current Tax Expense 2538058 2538058 Income Tax Payable (To record current tax expense.) Deferred Tax Expense 21942 Deferred Tax Asset 21942 21942 Deferred Tax Liability (To record deferred tax expense.) List of Accounts Save for Later Attempts: 1 of 3 used Submit