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TAXATION The accounting records of ABC show the following data for 2021: 1. Pretax financial income was $750,000. 2. Tax rate is 25% 3. Equipment was acquired in early January for $400.000. Straight-line depreciation over 5 year life is used, with no salvage value. For tax purposes, ABC used a 25% rate to calculate depreciation. 4. Rent collected in advance on 1 January, 2021, totaled $60,000 for 3 year period. Of this amount, $40,000 was reported as unearned at December 31, for book purposes. 5. Product warranties were estimated to be $45,000 in 2021. Actual repair and labor costs related to the warranties were $15,000. The remainder is estimated to be paid evenly in 2022 and 2023. 6. Fines incurred for pollution violations were $7,800. Required: a) Determine taxable income for the year 2021. b) Prepare the journal entry for 2021 to record income tax payable, income tax expense and deferred income tax