Targaryen Ltd$.$ started as a manufacturing company on January $1,2023.$ On January $1,2023,$ Targaryen purchased $$75,000$ of equipment which it is amortizing on a straight$-$line basis over $5$ years for accounting purposes under IFRS. The equipment is subject to a $15\%$ CCA rate for income tax purposes, and is subject to the Accelerated Investment Incentive $($AII$)$ in the year of acquisition.

In $2023,$ Targaryen reported net income before income taxes of $$215,460.$ Included on the company$$s income statement was meals and entertainment expense of $$18,000.$ At the end of $2024,$ Targaryen reported net income before taxes of $$233,875,$ and meals and entertainment expense of $$22,000.$

The income tax rate for $2023$ was $24\%.$ On February $28,2024,$ the tax rate for $2024$ and later years dropped to $21\%.$ This rate change was not known at the end of $2023.$

REQUIRED:

Prepare the journal entries required to record Targaryen Ltd$.$s income taxes for $2023$ and $2024.$ Show all your calculations.