Question 26 (15 points) In its 2020 income statement, its first year of operations, Maine Corp. reported before tax accounting income of $500,000, depreciation of $ 525,000 and dividend revenue from a Canadian corporation of $ 105,000. For 2020 income tax purposes, Maine claimed CCA of $ 825,000. The difference in depreciation/CCA will reverse in equal amounts over the next three years. Maine's income tax rates are 35% for 2020, 30% for 2021, and 25% for both 2022 and 2023. Required: 1. Determined the taxable income and income tax payable for 2020. 2. Determined the amounts of deferred tax liability at the end of 2020 and the deferred tax expense for 2020. 3. Prepare the adjusting journal entries to record current and deferred income tax expenses for 2020. 4. Prepare the income tax section of the income statement of 2020. 5. Determined the deferred tax liabilities associated with depreciation/CCA at the end of 2021 and determine deferred tax expense (benefit) for 2021. (Show the details of your computations)