Prior to 2019, the accounting income and taxable income for Sheffield Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,116,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% (half-year rule applies for 2019). Sheffield's income before tax for accounting purposes for 2020 was $13,000,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Sheffield follows IFRS. Calculate taxable income and taxes payable for 2020. Taxable income $ Income taxes payable $ eTextbook and Media List of Accounts Prepare the journal entries to record 2020 income taxes (current and deferred). (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.)