Q#1. Carrington Corporation began its operations in 2021. The following information applies to Carrington's first two years in business. Taxable income Deferred Tax Liability Taxes Payable Tax Expense 2021 $ 105,000 $10,500 $22,050 ? 2022 $122,000 $8,000 ? $34,100 There is only one temporary difference between accounting and taxable income. Assume that Carrington is aware, in 2021, of a change in the tax rate that will be effective in 2022. Compute the following for Carrington Corporation. 1. 2021 tax rate 2. 2021 Tax Expense 3. Taxes Payable (on 2022 Balance Sheet) Hint: Using the information given, try to reconstruct the journal entry for 2022. 4. 2022 tax rate 5. Income before Tax (on 2022 Income Statement). 6. Net Income (on 2022 Income Statement)