Question #$5(18$ marks$)$ Deuce Limited $($DI$)$ is a public company that started operations in $2021.$ It opened several locations across Canada. In fiscal $2021,$ the company had net income before tax of $$330,000.$ The tax rate for $2021$ was $30\%.$ DI has a December $31$year$-$end. The following occurred during $2021.$ a$.$ DI purchased assets with an original cost of $$780,000.$ The total accounting depreciation expense for $2021$ was $$52,000.$ For tax purposes, DI had $$15,600$ CCA deducted. b$.$ For sales during $2021$ DI accrued warranty expenses of $$44,000.$ Actual warranty work completed and costs incurred during $2021$ was $$30,000.$ c$.$ DI contributed $$5,000$ to a local political campaign and expensed these costs during the year. These costs are not tax deductible. d$.$ DI recognized revenues of $$500,000$ in $2021.$ Only $$440,000$ of these revenues were collected and taxed during the year. The reminder will not be taxed until they are due and collected next year. Required: $1)$ Calculate taxable income and income tax payable for $2021.$ Show computations. $(5$ marks$)$ Accounting Income for $2021$ Adjustments: Taxable income Income tax payable $9$ Question #$5($continued$)2)$ Calculate the deferred tax asset or liability balances as of December $31,2021.$ Assume a tax rate of $30\%$ for subsequent years. $(4$ marks$)3)$ Provide the journal entries to record income taxes for $2021.(5$ marks$)4)$ What is the total amount of income tax expense reported by Deuce Ltd in its income statement for $2021?(2$ marks$)3)$ Assume instead that Deuce Ltd is a private company and has elected to use the Taxes Payable method, what will be the total income tax expense reported by Deuce in $2021?(2$ marks$)$