In 2020, Grouper Ltd., which follows IFRS, reported accounting income of $1,015,000 and the 2020 tax rate was 20%. Grouper had two timing differences for tax purposes: CCA on the company's tax return was $516,500. Depreciation expense on the financial statements was $305,500. These amounts relate to assets that were acquired on January 1, 2020, for $2,066,000. Accrued warranty expense for financial statement purposes was $142,600 (accrued expenses are not deductible for tax purposes). This is the first year Grouper offers warranties. Both of these timing differences will fully reverse over the next four years, as follows: Depreciation Difference Warranty Expense Year Rate 2021 $74,000 $19,700 20% 2022 49,000 29,700 20% 2023 50,000 41,200 18% 2024 38,000 52,000 18% $211,000 $142,600 Calculate income taxes payable for 2020. Income taxes payable $ 189320 e Textbook and Media Prepare the journal entries to record income taxes for 2020. (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 O for the amounts.) Account Titles and Explanation Debit Credit Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Expense Deferred Tax Liability (To record deferred tax expense.) In 2021 the government announced a further tax rate reduction will be effective for the 2024 taxation year. The new rate will be 15%. Prepare the journal entry to adjust deferred taxes for the reduced rate. (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 o for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media