Question 3 The following information is available for the first three years of operations for Faberge Corporation: 1. Year Accounting Income 2019 $250,000 2020 180.000 2021 200,000 2 On January 2, 2019, equipment was purchased for $500,000. The equipment had an estimated service life of 5 years and no residual value. Straight-line depreciation is used for book purposes and CCA at 30% is used for tax purposes. In the first year (2019), the CCA that is deducted for tax purposes is $80,000. After year one, CCA is calculated using the 30% rate. 3. On January 2, 2020, $210,000 was collected in advance for the rental of a building for three years. The entire S210,000 was included in taxable income in 2020, but two-thirds of the $210,000 was reported as unearned revenue at December 31, 2020 for book purposes. 4. The enacted tax rate is 40% for all years. Required: a) Prepare a schedule comparing depreciation for book purposes with CCA for tax purposes (for 2019-2021), b) Determine the deferred tax asset or liability at the end of 2019. c) What is the deferred tax asset and/or liability at the end of 2020? d) Prepare the adjusting journal entries to record income tax expense, deferred taxes, and income tax payable for 2020