Pharoah Corporation, which follows IFRS, began operations on January 1, 2020. For the company's first fiscal year, Pharoah recorded pretax income for accounting purposes of $2,520,000. Depreciation of property, plant, and equipment for financial reporting purposes amounted to $126.000. CCA claimed on the company's tax return was $140,000. Pharoah was subject to a 35% income tax rate. Calculate Pharoah Corporation's taxable income and income tax payable for 2020. Taxable income for 2020 $ Income taxes payable for 2020 $ eTextbook and Media List of Accounts Prepare the journal entries to record the 2020 current and deferred income taxes. (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.)