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In 2020, Pina Ltd., which follows IFRS, reported accountingincome of $1,178,000 and the 2020 tax rate was 20%. Pina had twotiming differences for tax purposes:CCA on the company’s tax return was $476,500. Depreciation expenseon the financial statements was $283,000. These amounts relate toassets that were acquired on January 1, 2020, for $1,906,000.Accrued warranty expense for financial statement purposes was$138,100 (accrued expenses are not deductible for tax purposes).This is the first year Pina offers warranties.Both of these timing differences will fully reverse over the nextfour years, as follows:YearDepreciationDifferenceWarrantyExpenseRate2021$67,500$19,10020%202251,50028,60020%202340,50040,00018%202434,00050,40018%$193,500$138,100Prepare the journal entries to record income taxes for 2020In 2021 the government announced a further tax rate reductionwill be effective for the 2024 taxation year. The new rate will be15%. Prepare the journal entry to adjust deferred taxes for thereduced rate.