In 2020, Pina Ltd., which follows IFRS, reported accounting income of $1,178,000 and the 2020 tax rate was 20%. Pina had two timing differences for tax purposes: CCA on the companys tax return was $476,500. Depreciation expense on the financial statements was $283,000. These amounts relate to assets that were acquired on January 1, 2020, for $1,906,000. Accrued warranty expense for financial statement purposes was $138,100 (accrued expenses are not deductible for tax purposes). This is the first year Pina offers warranties. Both of these timing differences will fully reverse over the next four years, as follows:

Year		Depreciation Difference		Warranty Expense		Rate
2021		$67,500		$19,100		20%
2022		51,500		28,600		20%
2023		40,500		40,000		18%
2024		34,000		50,400		18%
		$193,500		$138,100

Prepare the journal entries to record income taxes for 2020

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.