Hogan Ltd. started as a manufacturing company on January 1, 2021. On January 1, 2021, Hogan purchased $60,000 of equipment which it is amortizing on a straight-line basis over 5 years for accounting purposes under IFRS. The equipment is subject to a 15% CCA rate for income tax purposes, and is eligible for the Accelerated Investment Initiative (i.e. 1.5 times the CCA rate) in the year of acquisition. In 2021, Hogan reported net income before income taxes of $425,000. Included on the company's income statement was meals and entertainment expense of $44,000. At the end of 2022, Hogan reported net income before taxes of $510,000, and meals and entertainment expense of $38,000. The income tax rate for 2021 was 23%. On March 15, 2022, the tax rate for 2022 and later years dropped to 22%. This rate change was not known at the end of 2021.| REQUIRED: Prepare the journal entries required to record Hogan Ltd.'s income taxes for 2021 and 2022. Show all your calculations