The following information relates to Cullumber Inc.:

		At July 1, 2019			At June 30, 2020
Temporary difference, giving rise to future taxable amounts		$82,000			$152,000
Temporary difference, giving rise to future deductible amounts		25,000			81,000

Accounting income for the year ended June 30, 2020 was $126,000. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 15% for the current and future years. Cullumber Inc. follows IFRS.

Calculate the amount of taxable income for 2020.

Taxable income, 2020

$

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Prepare 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.).

Account Titles and Explanation	Debit	Credit
(To record current tax expense.)
(To record deferred tax expense.)

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Calculate the effective rate for 2020.

Effective rate, 2020

%