A3 Blossom Corp. had a Deferred Tax Asset account with a balance of $83,700 at the end of 2022 due to a single temporarydifference of $279,000 related to warranty liability accruals. At the end of 2023, this same temporary difference has increased to$309,500. Taxable income for 2023 is $919,000. The tax rate is 30% for all years.(a)Calculate and record income taxes for 2023, assuming that it is more likely than not that the deferred tax asset will berealized. (List all debit entries before credit entries. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts.)Income tax payable $Year Account Titles and Explanation20232023(To record current tax expense)(To record deferred tax benefit)DebitCredit]]]

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Blossom Corp. had a Deferred Tax Asset account with a balance of $83,700 at the end of 2022 due to a single temporary difference of $279,000 related to warranty liability accruals. At the end of 2023, this same temporary difference has increased to $309,500. Taxable income for 2023 is $919,000. The tax rate is 30% for all years.