Exercise 18-12 Concord Corporation purchassed equipment very late in 2017. Based on generous capital cost allowance rates provided in the Income Tax Act, Concord Corporation claimed CCA on its 2017 tax return but did not 2019, and $45,200 in 2020. Gsserd's accountina income for 207 3 400 d th tax rate is 219 lars There re no deferred tax accounte at t baiaine of 20 34,500 in 2018, $36,500 i Calculate the deferred tax balance at December 31, 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred tax Calculate taxable income and income tax payable for 2017. Taxable income Income tax pavable Prepare the journal entries to record income taxes for 2017. (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.) Credit Year Account Titles and Explanation Debit 2017 (To record current taxes.) 2017 (To record deferred taxes.) Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord Corporation (Partial) Income Statement