Question 4

The following information relates to Ivanhoe Inc.:

Temporary difference, giving rise to future taxable amounts At July 1, 2019 At June 30, 2020 $88,000 $153,000 Temporary difference, giving rise to future deductible amounts 35,000 89,000Prepare the journal entries to record income taxes for 2020. (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 0 for the amounts. ). Amount "lids and Explanation Debit Credit (To record current tax expense.) (To record deferred tax expense.)