Question 4 (Deferred income taxes): (10 marks) Welcome Corporation began operations on January 1, 2020. When goods are sold, Welcome recognizes income for financial reporting purposes in the year of sale and for tax purposes when cash is collected. For the year ended December 31,2020, Welcome had pretax accounting income of $30 million and taxable income of $18 million. The 2020 tax rate was 38%. Scheduled collections and tax rates (based on recent tax legislation) for 2021-2023 are as follows: There are no differences between accounting income and taxable income other than those described above. Required: a. Prepare the appropriate journal entries to record Welcome's income taxes for 2020. (5 marks) b. A new tax law, revising the tax rate to 20%, beginning in 2022 , was enacted in 2021 . Prepare the appropriate journal entries to record Welcome's income taxes for 2021 when pretax accounting income is $15 million. Show calculations