In 2020, Whispering Ltd., which follows IFRS, reported accounting income of $1,005,000 and the 2020 tax rate was 20%. Whispering had two timing differences for tax purposes: CCA on the company's tax return was $486,500. Depreciation expense on the financial statements was $297,500. These amounts relate to assets that were acquired on January 1, 2020, for $1,946,000. Accrued warranty expense for financial statement purposes was $138,500 (accrued expenses are not deductible for tax purposes). This is the first year Whispering offers warranties. Both of these timing differences will fully reverse over the next four years, as follows: Depreciation Year Difference Warranty Expense Rate 2021 $55,000 $18,600 20% 2022 52,500 30,500 20% 2023 44,500 40,800 18% 2024 37,000 48,600 18% $189,000 $138,500 Calculate income taxes payable for 2020. Income taxes payable eTextbook 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 (To record current tax expense.) (To record deferred tax expense.) eTextbook and Media Debit Credit 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 eTextbook and Media Debit Credit