In 2020, Whispering Ltd., which follows IFRS, reported accounting income of $999,000 and the 2020 tax rate was 20%. Whispering had two timing differences for tax purposes: CCA on the company's tax return was $495,500. Depreciation expense on the financial statements was $300,500. These amounts relate to assets that were acquired on January 1, 2020, for $1,982,000. Accrued warranty expense for financial statement purposes was $137,700 (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: Year 2021 2022 2023 2024 Depreciation Warranty Difference Expense Rate $63,500 $18,700 20% 53,000 29,500 20% 41,50040,100 18% 37,000 49,400 18% $195,000 $137,700 Your answer is incorrect. Calculate income taxes payable for 2020. Income taxes payable $ 188,340 e Textbook and Media . Your answer is partially correct. 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 0 for the amounts.) Account Titles and Explanation Credit Debit 188,340 Current Tax Expense Income Tax Payable 188,340 (To record current tax expense.) Deferred Tax Expense 11,460 Deferred Tax Liability 11,460 (To record deferred tax expense.) - Your answer is partially correct. 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 Deferred Tax Liability 6,720 Deferred Tax Expense 6,720 e Textbook and Media