XYZ started its operation on Jan 1, 2020. In the first year of operation, XYZ corporation reported accounting income of 95,000. The following items caused taxable income of 2020 to be different than the accounting income. The company's year end date is Dec 31, it uses IFRS and income tax rate for the current year and future years is 22%. 1. In 2020, Capital Cost Allowance was 150,000 and Depreciation Expense was 125,000. 2. Rent revenue reported in Income statement was 16,000 and in Tax Return was 48,000. 3. There was a non-deductible fine of 16,000 that was paid on Sep 15, 2020 and was included in the income statement. 4. Meals and Entertainment expense reported in income statement was 38,000, only 50% meal and entertainment expense is tax deductible. Based on the information provided above, answer the following questions, Required 1 What is the Taxable income for the year 2020? Required 2 Deferred Tax Balance for the below items as at Dec 31, 2020 will be: CCA-Depreciation Rent Meals and Fine Required 3 Prepare the Journal Entries related to Income Tax in 2020. a. Current Income Tax Journal Entry for 2020 assuming no tax installment was paid in 2020: Dr. Cr. b. CCA-Depreciation Dr. Cr. c. Rent Revenue Dr. Cr. Required 4 Total Income Tax Expense reported in 2020 Income Statement will be