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.

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 $0$ for the amounts. List debit

entry before credit entry.$)$

In $2024$ the government announced a further tax rate reduction will be effective for the $2027$ taxation year. The new rate will be

$13\%.$ Prepare the journal entry to adjust deferred taxes for the reduced rate. $($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.$)$

Calculate income taxes payable for $2023.$