In $2023,$ OHU Ltd$.,$ which follows IFRS, reported accounting income of $$300,000$ and the $2023$ tax rate was $18\%.$OHU had two timing

differences for tax purposes:

CCA on the company's tax return was $$320,000.$ Depreciation expense on the financial statements was $$200,000.$

Accrued warranty expense for financial statement purposes was $$80,000($accrued expenses are not deductible for tax purposes$).$ This

is the first year OHU offers warranties.

Both of these timing differences are expected to fully reverse over the next four years, as follows:

$($a$)$

Your answer is correct.

Calculate income taxes payable for $2023.$

Your answer is correct.

Prepare the journal entry to record current income taxes for $2023.($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 O for the amounts. List debit

entry before credit entry.$)$

Prepare the journal entry to record deferred income taxes for $2023.($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 O for the amounts. List

debit entry before credit entry.$)$

Account Titles and Explanation

Deferred Tax Expense

Deferred Tax Liability