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please do quickly The Evil Queen Souvenir Corporation completed its first year of operations in 2019. During 2019 capital assets totalling $780,000 were purchased with

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The Evil Queen Souvenir Corporation completed its first year of operations in 2019. During 2019 capital assets totalling $780,000 were purchased with none for 2020. The Company has reported accounting income before tax of $800,000 in 2019. Included in this amount are golf membership dues of $5,000, accrued warranty expenses of $100,000, depreciation $94,000 and dividends from a taxable Canadian Corporation of $15,000. For tax purposes, CCA for the year amounted to $80,000 and eligible warranty costs were $65,000. The Company has reported accounting income before tax of $950,000 in 2020. Included in this amount were accrued warranty expenses of $100,000, depreciation $90,000 and there were no dividends from a taxable Canadian Corporation. For tax purposes, CCA for the year amounted to $90,000 and eligible warranty costs were $100,000. All temporary differences will reverse in 2020. At the end of 2019 the enacted corporate tax rate was 38%. Late in 2020, the government reduced the enacted tax rate to 37% for 2020 and 36% for 2021. Required: 1. What are the 2019 differences permanent or temporary? 2. Calculate taxable income and taxes payable for 2019. 3. Prepare the entry to record income tax expense for 2019

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