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The records of Boomer Corp, in its first year of operations, at the end of $20$X$8,$ provided the following data related to income taxes.

a$.$ Golf club dues expense in $20$X$8,$ $$10,000,$ properly recorded for accounting purposes but not tax deductible at any time

b$.$ Investment revenue in $20$X$8,$ $$325,000,$ properly recorded for accounting purposes, but not taxable at any time.

c$.$ Estimated expense for warranty costs, $$70,000$; accrued for accounting purposes at the end of $20$X$8$; to be reported for income tax purposes when paid. There were no warranty cost incurred in $20$X$8$

d$.$ Gain on disposal of land, $$240,000$; recorded for accounting purposes at the end of $20$X$8$; to be reported as a capital gain for income tax purposes when collected at the end of $20$X$10$

e$.$ Costs incurred for development costs, $$50,000$; deducted for income tax purposes; recognized for accounting purposes as depreciated. There was no depreciation of development costs in $20$X$8$

f$.$ Equipment purchase in $20$X$8,$ $$1,500,000$; depreciation $$100,000$ recorded for accounting purposes in $20$X$8$; CCA of $$150,000$ was deducted for income tax purposes in $20$X$8$

Accounting earnings $($from the SCI$)$ for $20$X$8$ was $$1,200,000$; the income tax rate is $38\%.$ There were no deferred tax amounts as of the beginning $20$X$8$

Required:

$1.$ Are the individual differences listed above permanent differences or temporary differences? Explain why.

$2.$ Calculate Taxable Income and Tax payable.

$3.$ Prepare the journal entry to record income tax at the end of $20$X$8$

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