Thank you!

The accounting records of Novak Corp., a real estate developer, indicated income before income tax of $858,000 for its year ended December 31, 2020, and of $ 543,000 for the year ended December 31, 2021. The following data are also available. 1. Novak Corp. pays an annual life insurance premium of $ 11,200 covering the top management team. The company is the named beneficiary. 2. The carrying amount of the company's property, plant, and equipment at January 1, 2020 was $ 1,266,000, and the UCC at that date was $ 998,000. Novak recorded depreciation expense of $ 173,000 and $ 187,000 in 2020 and 2021, respectively. CCA for tax purposes was $ 187,000 and $ 165,500 for 2020 and 2021, respectively. There were no asset additions or disposals over the two-year period. 3. Novak deducted $206,000 as a restructuring charge in determining income for 2019. At December 31, 2019, an accrued liability of $ 199,000 remained outstanding relative to the restructuring, which was expected to be completed in the next fiscal year. This expense is deductible for tax purposes, but only as the actual costs are incurred and paid for. The actual restructuring of operations took place in 2020 and 2021, with the liability reduced to $ 67,000 at the end of 2020 and to $0 at the end of 2021. 4. In 2020, property held for development was sold and a profit of $ 52,000 was recognized in income. Because the sale was made with delayed payment terms, the profit is taxable only as Novak receives payments from the purchaser. A 10% down payment was received in 2020, with the remaining 90% expected in equal amounts over the following three years. 5. Non-taxable dividends of $3,280 in 2020 and of $3,540 in 2021 were received from taxable Canadian corporations. 6. In addition to the income before income tax identified above, Novak reported a before-tax gain on discontinued operations of $ 18,500 in 2020. 7. A 30% rate of tax has been in effect since 2018. Novak Corp. follows IFRS. 2021 25244 Liability No balance v Liability Determine 2020 and 2021 taxable income and current tax expense. (Do not leave any answer field blank. Enter O for amounts.) 2020 2021 Continuing Operations: Taxable income ta $ Current income tax expense $ TA Discontinued operations: Taxable income $ TA $ 0 Current income tax expense ta $ $ 0 Prepare the journal entries to record current and deferred tax expense for 2020 and 2021. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 Current Tax Expense Current Tax Expense - Discontinued Operations V Income Tax Payable > (To record current tax expense) December 31, 2020 Deferred Tax Expense (To record current tax expense) December 31, 2020 Deferred Tax Expense