Pinkerton Corporation cared income before taxes of $925,000 for the year ended December 31, 2019. During 2019, the following information was provided: Pinkerton received $3.700 in dividends from a taxable Canadian corporation. $24,000 for meals and entertainment expenses. The company paid $4,800 for a one year membership in local golf club for the company's president In 2017, Pinkerton's tax accountant made a mistake when preparing the company's income tax return. In 2019, Pinkerton paid $2,700 in fines and penalties related to this error. Although they were included in Pinkerton's financial statements for 2019, these fines were not deductible for tax purposes. Pinkerton used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $28,500. For tax purposes, Pinkerton claimed the maximum capital cost allowance of $42,000. On January 1, 2019, the balance in the Deferred Tax Liability account was a credit of $2,400. On December 31, 2019, the UCC balance was $98,000 and the book value in the books was $118,000 after the 2019 tax calculations . Pinkerton owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2019, Pinkerton rented the building to Delroy Inc. for three years at $20,000 per year. Delroy Inc paid $60,000, the entire three years' rent in advance. For accounting purposes, the rent was included in revenue only when earned, for tax purposes, rent was included in income when collected Pinkerton sold its products with a two-year warranty against manufacturing defects. In 2019, Pinkerton accrued $25,700 of warranty expenses actual expenditures for 2019 were $17,300 with the remaining $8,400 anticipated in 2020, In 2019. Pinkerton was subject to a 28% income tax rate. During the year, the federal government announced that tax rates would be increased to 30%, effective January 1, 2020, In 2019, Pinkerton was subject to a 28% income tax rate. During the year, the federal government announced that tax rates would be increased to 30%, effective January 1, 2020. REQUIRED: 1. Calculate the taxable income. 2. Prepare the journal entries to record any current and deferred income taxes for 2019. Show all your calculations Pinkerton Corporation cared income before taxes of $925,000 for the year ended December 31, 2019. During 2019, the following information was provided: Pinkerton received $3.700 in dividends from a taxable Canadian corporation. $24,000 for meals and entertainment expenses. The company paid $4,800 for a one year membership in local golf club for the company's president In 2017, Pinkerton's tax accountant made a mistake when preparing the company's income tax return. In 2019, Pinkerton paid $2,700 in fines and penalties related to this error. Although they were included in Pinkerton's financial statements for 2019, these fines were not deductible for tax purposes. Pinkerton used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $28,500. For tax purposes, Pinkerton claimed the maximum capital cost allowance of $42,000. On January 1, 2019, the balance in the Deferred Tax Liability account was a credit of $2,400. On December 31, 2019, the UCC balance was $98,000 and the book value in the books was $118,000 after the 2019 tax calculations . Pinkerton owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2019, Pinkerton rented the building to Delroy Inc. for three years at $20,000 per year. Delroy Inc paid $60,000, the entire three years' rent in advance. For accounting purposes, the rent was included in revenue only when earned, for tax purposes, rent was included in income when collected Pinkerton sold its products with a two-year warranty against manufacturing defects. In 2019, Pinkerton accrued $25,700 of warranty expenses actual expenditures for 2019 were $17,300 with the remaining $8,400 anticipated in 2020, In 2019. Pinkerton was subject to a 28% income tax rate. During the year, the federal government announced that tax rates would be increased to 30%, effective January 1, 2020, In 2019, Pinkerton was subject to a 28% income tax rate. During the year, the federal government announced that tax rates would be increased to 30%, effective January 1, 2020. REQUIRED: 1. Calculate the taxable income. 2. Prepare the journal entries to record any current and deferred income taxes for 2019. Show all your calculations