The following information is available for the first three years of operations for Faberge Corporation: 1. Year Taxable Income 2020 $ 250,000 2021 180,000 2022 200,000 2. On January 1, 2020, equipment was purchased for $ 500,000. The equipment had an estimated service life of 5 years and no residual value. Straight-line depreciation is used for book purposes and CCA at 30% is used for tax purposes (subject to the half year rule for the first year *AKA use 15% CCA rate in 2020 and 30% after 2020). 3. On January 2, 2021, $ 210,000 was collected in advance for the rental of a building for three years. The entire $ 210,000 was included in taxable income in 2021, but two-thirds of the $210,000 was reported as unearned revenue at December 31, 2021 for book purposes. 4. The enacted tax rate is 40% for all years. Instructions a) Prepare a schedule of the deferred tax asset and/or liability at the end of 2021. (2marks) b) Determine the Net deferred tax asset or liability at the end of 2020 and 2021. (2marks) c) Prepare the adjusting journal entries to record current and deferred income tax expense, deferred taxes, and income tax payable for 2020. (2marks) d) Prepare the adjusting journal entries to record current and deferred income tax expense, deferred taxes, and income tax payable for 2021. (2marks) e) Show how the tax expense would be disclosed on the Income Statement and how the deferred tax asset/(liability) would be disclosed on the Balance Sheet at December 31, 2021 (2marks) - assume there is no beginning balance for deferred tax assets or liabilities on the balance sheet at the start of 2020