Bramble Corp. follows IFRS and began operations in 2020 and reported accounting income of $274,000 for the year. Bramble's CCA exceeded its book depreciation by $43,300. Bramble's tax rate for 2020 and years thereafter is 30%. Assume that the $43,300 difference is the only difference between Bramble's accounting income and taxable income. Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020

Bramble Corp. follows IFRS and began operations in 2020 and reported accounting income of $274,000 for the year. Bramble's CCA exceeded its book depreciation by $43,300. Bramble's tax rate for 2020 and years thereafter is 30%. Assume that the $43,300 difference is the only difference between Bramble's accounting income and taxable income. Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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