The following differences apply to the reconciliation of accounting income and taxable income of Kulik Inc. for calendar 2020, its first year of operations. The enacted income tax rate is 30% for all years Pre-tax accounting income Excess CCA over depreciation Lawsuit accrual Unearned rent revenue deferred on the books but correctly included in taxable income Dividend income from Canadian corporations $ 450,000 240,000 35,000 25,000 10,000 1. Excess CCA will reverse equally over a four-year period, 2021-2024. 2. It is estimated that the lawsuit accrual will be paid in 2024. 3. Unearned rent revenue will be recognized as earned equally over a four-year period, 2021- 2024 Instructions a. Calculate taxable income, Current Income Tax Expenses and Deferred Tax Assets/Liabilities. (5+2 +4 Marks) b. Prepare the adjusting journal entries to record income tax expense, deferred taxes, and income taxes payable for 2020. (4 Marks)