Question 2 (14 points) Gecko Ltd. provided the following information: 2019 Pretax accounting income: $2,500,000 Tax rate: 30% 2020 Pretax accounting income: $1,000,000 Tax rate: 32% In addition, the only difference between accounting and tax income relate to warranties. In 2019, Gecko accrued $450,000 in warranty expense. No warranty claims were paid in 2019 and, $300,000 of warranty claims were paid in 2020. Required: Show and label your work a. Calculate Income tax payable for 2019 and 2020. (4 marks) b. Calculate the current year adjustment to the Deferred tax asset (liability) account for each year. (4 marks) c. Using your answers in part (a) and part (b), prepare the income tax journal entries for 2019 and 2020 (6 marks) Format V Answer: Part (a) FEB. 23 atv 4 W