Question 6 of 8 - / 15 III : View Policies Current Attempt in Progress Monty Corp. in its first year of operations has the following differences between its carrying amounts and the tax bases of its assets and liabilities at the end of 2020. Carrying Amount Tax Basis Equipment (net) $384,000 $326,400 Estimated Warranty Liabilities $192,000 0 It is estimated that the warranty liability will be settled in 2021. The difference in equipment (net) will result in future taxable amounts of $19,200 in 2021, $28,800 in 2022, and $9,600 in 2023. The company has taxable income of $499,200 in 2020. As of the beginning of 2020, the enacted tax rate is 30% for 2020 to 2022 and 25% for 2023. Monty expects to report taxable income through 2023. Prepare the journal entry to report current and deferred income tax expense. (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 for the amounts.) Account Titles and Explanation Debit Credit Question 6 of 8 - / 15 lii Account Titles and Explanation Debit Credit (To record current tax expense) (To record deferred tax benefit) List of Accounts Indicate how deferred income taxes would be reported on the statement of financial position and balance sheet at the end of 2020 under IFRS and ASPE, respectively. 1. Under IFRS Monty Corp. (Partial) Balance Sheet $ 2. Under ASPE Monty Corp. (Partial) Balance Sheet $