The records of Boomer Corp, in its first year of operations, at the end of 208, provided the following data related to income taxes. a. Golf club dues expense in 20X8,$10,000, properly recorded for accounting purposes but not tax deductible at any time b. Investment revenue in 208,$325,000, properly recorded for accounting purposes, but not taxable at any time. c. Estimated expense for warranty costs, $70,000; accrued for accounting purposes at the end of 20X8; to be reported for income tax purposes when paid. There were no warranty cost incurred in 208 d. Gain on disposal of land, $240,000; recorded for accounting purposes at the end of 208; to be reported as a capital gain for income tax purposes when collected at the end of 2010 e. Costs incurred for development costs, \$50,000; deducted for income tax purposes; recognized for accounting purposes as depreciated. There was no depreciation of development costs in 208 f. Equipment purchase in 208,$1,500,000; depreciation $100,000 recorded for accounting purposes in 20X8; CCA of $150,000 was deducted for income tax purposes in 208 Accounting earnings (from the SC ) for 208 was $1,200,000; the income tax rate is 38%. There were no deferred tax amounts as of the beginning 208 Required: 1. Are the individual differences listed above permanent differences or temporary differences? Explain why. 2. Calculate Taxable Income and Tax payable. 3. Prepare the journal entry to record income tax at the end of 208