Marbec Inc, is a public compary that began operations on January 1,2020 , and it has provided the following information. Pre-tax accounting income for 2020 is $190,000. The tax rate enacted for 2020 and future years is 25%. Differences between the 2020 income statement and tax return are listed below. - Warranty expense accrued for financial reporting purposes amounts to $4,800 and warranty cost deductions per the tax return amount to $1,900. $60,000. Gross profit on construction contracts completed for tax purposes was $0. life of 10 years. Capital cost allowance for these assets is based on CCA Class 8, \$180,000. - A $3,400 fine paid for violation of pollution laws was deducted in calculating pre-tax accounting income. - A tax-exempt dividend was received from a taxable Canadian corporation amounting to $1,300. Instructions a. Calculate taxable income for 2020. b. Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2020. For the toolbar, press ALT+F10(PC) or ALT+FN+F10(Mac)