Kenth Inc. reports accounting income of $115,000 for 2023, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $18,000. Rent revenue reported on the tax return is $25,000 higher than rent revenue reported on the income statement. Non-deductible fines appear as an expense of $17,000 on the income statement. Kenth's tax rate is 35% for all years and the company expects to report taxable income in all future years. Kenth reports under IFRS. Instructions 1. Calculate taxable income and income tax payable for 2023. 2. Prepare the journal entries to record income taxes for 2023. 3. Prepare the income tax expense section of the income statement for 2023, beginning with the line "Income before income tax."