Marisold Tarand Gravel Ltd. operates a road construction business, in its first year of operations the company obtained a contract to construct a road for the municipality of Cochrane West and it is estimated that the project will be completed over a three year period starting in June 2020. Mariduses the percentage of completion method of recoprevence on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Marigold uses the completed contract method allowed by the CRA. For the second year of operations. Marigold made progress on the construction of the road for the municipality. The account balances at December 31, 2020 and 2021. for the construction project and the accounting and tax balances of accounts related to the couipment used for construction follow 2020 2021 $111.000 Accounts Receivable 5320,000 133.000 900.000 Asset/Liability (net of billings to date of $795,000 and $400,0001 Revenue from Long-Term Contracts Construction Expenses 431.000 500,000 429,000 350,000 1.100.000 1.100.000 Equipment 450.000 122000 Accumulated Depreciation Equipment 619.000 987000 Undepreciated Capital Cost Marigold's tax rate was 25% in 2020 and 2021. The enacted tax rate for 2022 and subsequent years was reduced to 2011 on September 15, 2021. Income before income tax for the year ended December 31, 2020, was 5195,000 and for December 31, 2021 was $130,000. Marigold reports under IFRS. Prepare the journal entry to record the effect of the change in the enacted tax rate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required select "No Entry for the account tities and enter for the amounts) Date Account Titles and Explanation Debit Credit September 15, 2021 e Textbook and Media List of Accounts Calculate any deferred tax balances at December 31, 2021 Deferred tax 5 Calculate taxable income and income tax payable for 2021. Taxable income Income tax payable $ eTextbook and Media List of Accounts Prepare the journal entries to record income taxes for 2021. (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 for the amounts) Account Titles and Explanation Debit Credit Prepare the journal entries to record income taxes for 2021. (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 for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense) (To record deferred tax expense) Marigold Tar and Gravel Ltd. Comparative Income Statement (Partial) 2021 2020 e Textbook and Media List of Accounts Provide the comparative SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021 Marigold Tar and Gravel Ltd. Comparative Statement of Financial Position (Partial) 2021 2020 5 e Textbook and Media List of Accounts Provide the comparative balance sheet presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021. assuming Marigold follows ASPE Marigold Tar and Gravel Ltd. Comparative Balance Sheet (Partial) 2021 2020 $ Marisold Tarand Gravel Ltd. operates a road construction business, in its first year of operations the company obtained a contract to construct a road for the municipality of Cochrane West and it is estimated that the project will be completed over a three year period starting in June 2020. Mariduses the percentage of completion method of recoprevence on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Marigold uses the completed contract method allowed by the CRA. For the second year of operations. Marigold made progress on the construction of the road for the municipality. The account balances at December 31, 2020 and 2021. for the construction project and the accounting and tax balances of accounts related to the couipment used for construction follow 2020 2021 $111.000 Accounts Receivable 5320,000 133.000 900.000 Asset/Liability (net of billings to date of $795,000 and $400,0001 Revenue from Long-Term Contracts Construction Expenses 431.000 500,000 429,000 350,000 1.100.000 1.100.000 Equipment 450.000 122000 Accumulated Depreciation Equipment 619.000 987000 Undepreciated Capital Cost Marigold's tax rate was 25% in 2020 and 2021. The enacted tax rate for 2022 and subsequent years was reduced to 2011 on September 15, 2021. Income before income tax for the year ended December 31, 2020, was 5195,000 and for December 31, 2021 was $130,000. Marigold reports under IFRS. Prepare the journal entry to record the effect of the change in the enacted tax rate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required select "No Entry for the account tities and enter for the amounts) Date Account Titles and Explanation Debit Credit September 15, 2021 e Textbook and Media List of Accounts Calculate any deferred tax balances at December 31, 2021 Deferred tax 5 Calculate taxable income and income tax payable for 2021. Taxable income Income tax payable $ eTextbook and Media List of Accounts Prepare the journal entries to record income taxes for 2021. (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 for the amounts) Account Titles and Explanation Debit Credit Prepare the journal entries to record income taxes for 2021. (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 for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense) (To record deferred tax expense) Marigold Tar and Gravel Ltd. Comparative Income Statement (Partial) 2021 2020 e Textbook and Media List of Accounts Provide the comparative SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021 Marigold Tar and Gravel Ltd. Comparative Statement of Financial Position (Partial) 2021 2020 5 e Textbook and Media List of Accounts Provide the comparative balance sheet presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021. assuming Marigold follows ASPE Marigold Tar and Gravel Ltd. Comparative Balance Sheet (Partial) 2021 2020 $